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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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Struggles of Spain harm euro, gold futures

May 29, 2012 02:49 PM

Concerns about the integrity of Spanish banks under the specter of the voracious sovereign debt crisis helped pull down gold futures on Tuesday, according to Reuters.

The yellowish metal was tracking the downward drive of the shared currency of the European Union against the strengthening U.S. dollar. Bullion is driving toward monthly losses of 7 percent for May, which would represent the commodity's worst monthly performance thus far this year. Gold also is heading toward a fourth-straight month of losses.

"Whether it's Greece leaving the euro or Spain being next in line for a bailout, investors are focusing on the crisis in Europe at the moment and picking the dollar as their haven of choice," analyst Sun Yonggang with Everbright Futures of China told Bloomberg.

At 1:25 p.m. on Tuesday, gold futures dropped 1.23 percent, a $19.40 decrease to $1,551.80 per troy ounce.

Bloomberg reports the world's reserve currency was hovering about its highest value in 22 months against the embattled euro, largely due to struggles in Spain. Egan-Jones credit agency slashed the nation's sovereign rating, according to Reuters.

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