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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 set to slip amid concerns the precious metal's climb was overdone

Jul 26, 2011 05:39 AM

Gold futures are poised to drop in value amid the belief that Monday's climb to record prices might have been overdone, Bloomberg reports.

Further compounding the belief that a decrease is imminent is the prospect of U.S. political leaders compromising to reach an agreement as to how they may raise the nation's debt ceiling. President Barack Obama issued a warning stating the economy will very seriously suffer unless a compromise between opposite sides is finalized.

"The metal is currently trading close to the overbought region," states a Tuesday report by UBS AG analyst Edel Tully. "We expect a correction in the near term."

At 6:14 a.m., gold futures slipped 0.01 percent, a 20 cent drop to $1,614.20 per troy ounce.

On at least two occasions on Monday, gold futures pushed to record highs setting the precious metal's top price of $1,624.07 per troy ounce.

With the deadline and the prospect of a U.S. default exactly one week away, the Washington Post reports both President Obama and Speaker of the House John Boehner delivered television addresses to articulate plans to slash debt. But the more conservative wing of the Republican party stood opposed to Boehner's plan while newer members of the party also held their doubts.

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