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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 edge down as Greece prepares for aid package

Jun 30, 2011 05:57 AM

Gold futures are set to sink in value on Thursday, the final day of the second quarter of 2011, Bloomberg reports.

Preoccupations about Greece becoming the first euro zone nation to default have minimized after the nation's leaders approved the prime minister's plan to secure another tranche of emergency bailout aid. The precious metal is driving toward its 11th straight quarter of gains.

"Risk sentiment improved after the Greek parliament approved the austerity measures," states a Thursday report by analyst Stefan Graber of Credit Suisse Group. "This helped the euro to strengthen against the dollar, which in turn attracted fresh investor interest into precious metals."

At 6:23 a.m. on Thursday, gold futures increased 0.08 percent, a $1.20 climb to $1,511.60 per troy ounce.

The International Business Times reports Greek approval benefits the euro's value against the U.S. dollar, which in turn pushes up the price of gold. The dollar will continue enduring pressure while gold and additional commodities will gain in value.

These are rough days for the dollar, which has dropped in value for four straight sessions. Gold futures have climbed 6.5 percent thus far this year.

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