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Recent News:
  • Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.    Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.    Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.   
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Gold futures mark four consecutive days of losses

Apr 18, 2012 11:47 AM

The price of gold dropped on Wednesday, marking the fourth consecutive trading session of losses for the yellowish metal, according to Reuters.

Bullion tracked the downward drive of the common currency of the European Union, which was pinched by preoccupations about the sovereign debt crisis' damaging tendencies in the euro zone.

"From my point of view, we have to see a good shakeout towards the downside first, perhaps to break $1,600, or even lower than that and after that we will probably head back up again," trading head Afshin Nabavi with MKS Finance told Reuters. "We are seeing very little demand from the physical dealers, very little demand from the investors, it's pretty much come to a standstill and I think we have to come off" as far as price is concerned.

At 9;27 a.m. on Wednesday, gold futures fell 0.42 percent, a $7 drop to $1,644.10 per troy ounce.

The sovereign debt crisis, wreaking havoc on euro zone banks, markets and public finance systems for two-plus years, is fully capable of manifesting again, attacking global economies and prompting a recession, News Track India reports the International Monetary Fund said.

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