Futures Market News
Gold futures track downward trend of euro
Jun 01, 2012 01:08 PM
The precious metal was heading toward a second straight week of losses as the poor performance of the euro also dragged down demand for gold while the debt scourge continued wreaking havoc in the euro zone. Analysts, investors and other observers were set to keep a close eye on unemployment data from the U.S.
"On any sign of a strengthening dollar, you'll see people trying to take profits in gold at some point," currency and metal trading head Bernard Sin with bullion refiner MKS Finance SA in Geneva told Bloomberg on Friday, noting also that later-day information about "non-farm payrolls will drive the market."
At 9:33 a.m. on Friday, gold futures advanced 2.36 percent, a $36.90 rise to $1,601.10 per troy ounce.
The U.S. dollar on Friday pushed to its top value in 21 months against six counterpart currencies, according to Bloomberg.
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