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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 fell almost $40

Jul 02, 2010 08:47 AM

Gold futures fell sharply Thursday to settle at $1,206.70 per ounce on the Comex in New York, reflecting a general flight to the perceived safety of the dollar and dollar assets. Investors appeared to favor Treasury notes and safe bonds, registering their fear that deflation is a greater threat than inflation.

The Spanish Treasury sold $4.28 billion of five-year government bonds, defying warnings by Moody's Investors Service that the rating agency might cut Spain's AAA sovereign debt rating. The yield on the five-year debt rose 12.5 basis points to 3.657 percent.

Stock indexes and futures also had a depressing day, but gold failed to pull in the opposite direction, as it has done in many sessions this year. Sovereign debt didn't appear to worry investors as much as weak growth in China and increasing jobless claims in the U.S.

Another factor in the dropping price of gold was the International Monetary Fund's sale of 15.2 metric tons of gold last month, after selling 14.4 tons in April and 18.5 in March.

Silver futures also fell 4.9 percent to settle at $17.79 per ounce.ADNFCR-3323-ID-19871449-ADNFCR

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