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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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Slump of gold futures pauses as bullion drives toward $1.6k

May 10, 2012 11:34 AM

Gold futures were driving higher toward the milestone price of $1,600 per troy ounce on Thursday, one day after touching the lowest value in four months during a three-day slump linked with euro zone elections, Reuters reports.

Spain pecked away at boosting its hobbled banks, which spurred the common currency of the European Union to mild increases. Greece is set to receive a vital payment from an emergency bailout fund, spelling a measure of relief for the debt-ridden Aegean nation.

"The safe haven trade is still in the back seat and gold remains positively correlated with risk assets and pressured by a strong U.S. dollar," states a Thursday note penned by RBS, according to Reuters.

At 10:23 a.m. on Thursday, gold futures advanced 0.28 percent, a $4.40 lift to $1,598.60 per troy ounce.

Losses from Monday through Wednesday of this week totaled about 3.2 percent of the yellowish metal's value, Bloomberg reports, noting the poor performance of bullion was attributed to fallout from results of political elections in the euro zone last weekend.

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