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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 poised to climb as Greece preps scalpel

Jun 24, 2011 05:05 AM

Gold futures are poised on Friday to recover from their sharpest drop on the strength of the sovereign debt scourge and the U.S.' low interest rates, Bloomberg reports.

The precious metal dropped 1.8 percent in value on Thursday, which has not occurred since early May, within days after notching record high prices of $1,577.40 per troy ounce. U.S. central bank policy makers vowed to maintain low interest rates on borrowing as Greece prepares to effect deep budgetary cuts.

"The Fed turning hawkish would still weigh on gold prices, but for now it is a very distant concern," states a Friday report by analyst Andrey Kryuchenkov of VTB Capital in London. "Sour global risk sentiment as well as ongoing economic uncertainty will in our view also help to support prices."

At 5:42 a.m. on Friday, gold futures gained 0.07 percent, a $1.10 climb to $1,521.60 per troy ounce.

Reuters attributes the yellowish metal's Friday successes to a dollar that weakened against the euro after Greece gained favor for plans to secure additional emergency aid by slashing domestic budgets.

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