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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' upward drive resumes

Jun 13, 2012 12:35 PM

Gold futures continued driving higher in value on Wednesday, capitalizing on a U.S. dollar drawn down by weaker retail sales data from last month, according to Reuters.

One trading session after surmounting the psychological price of $1,600 per troy ounce, the yellowish metal continued the upward drive as a weaker dollar typically benefits the price of the yellowish metal. Retail sales fell for a second consecutive month in May, revealing their largest drop in 24 months.

The Wall Street Journal reports speculation about additional economy-spurring measures by the U.S. Federal Reserve and its chief Ben Bernanke also were beneficial to the price of the yellowish metal on Wednesday.

"People are clearly betting that Bernanke may warm towards more [quantitative easing] and implement QE3. It's a realistic possibility, maybe what they will do is indicated that the bias has shifted towards doing some QE ... that will be enough to put a floor under the gold price," analyst Robin Bhar with Societe Generale told Reuters. "We've had poor non-farm payrolls, poor retail sales data today and a welter of other soft data."

At 12:56 p.m. on Wednesday, gold futures climbed 0.15 percent, a $2.40 lift to $1,616.20 per troy ounce.

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