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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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Slumping dollar benefits gold futures

Apr 17, 2012 02:56 PM

Gold futures climbed higher from their lowest price in seven days on Tuesday, benefiting from a less-than-strong performance by the U.S. dollar, according to Bloomberg.

The world's reserve currency marked two consecutive trading sessions of losses against competitor currencies as preoccupations about the sovereign debt crisis eased after a strong sale of debt in Spain. The International Monetary Fund enhanced world projections for economic development and growth for the remainder of this year and next year.

"The dollar's weakness is supporting all commodities, including gold," market analyst Sterling Smith with Country Hedging in Minnesota told the news service.

Prior to Tuesday's market performance, the value of gold futures has gained more than 5 percent thus far this year as the precious metal barrels toward a 12th consecutive year of annual gains.

At 2:58 p.m. on Tuesday, gold futures increased 0.09 percent, a $1.50 lift to $1,651.20 per troy ounce.

But the IMF, a Washington-based monetary regulator, pointed to troubles in Italy for this year, also noting that Spain ought to execute bank and labor policy plans, The Wall Street Journal reports. Both nations have seen bond yields approach the 7 percent figure that prompted Ireland, Portugal and Greece seek bailout funding.

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