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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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Greek, economic troubles push gold futures higher

Jun 10, 2011 03:58 PM

The sovereign debt crisis tearing through Europe and worries about the slowing economic recovery from the global recession are likely to push gold futures to their fourth straight weekly gain, Bloomberg reports.

Debt-hobbled banks in Europe have especially benefited the yellowish metal's performance, as Greece is reportedly on the precipice of defaulting should higher borrowing costs add to the Aegean nation's troubles. The European Central Bank indicated it will raise interest rates for lending, which is likely to push Greece toward default since borrowing additional money to exit its indebtedness is mandated. The nation accepted a bailout in June 2010 and is encountering trouble adhering to a repayment schedule.

"It looks like there’s really no way out. That’s still bullish for gold," Bruce Ikemizu, head of commodity trading at Standard Bank, told the news service.

At 6:55 a.m. on Friday, gold futures slipped 0.04 percent, a 60 cent drop to $1,542.10 per troy ounce.

MarketWatch reports the U.S dollar strengthened, which pushed down gold futures as they two typically perform the inverse of one-another. The dollar index, which measures the greenback’s performance against six counterpart currencies, rose in value.

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