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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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Gold futures slip as greenback emboldens

Mar 28, 2012 09:33 AM

Gold futures were losing value on Wednesday, pulled down by gains for the U.S. dollar against the shared currency of the European Union, Reuters reports.

The world's reserve currency climbed after economic data indicating new orders for manufactured goods in the U.S. increased less than forecast. Gains that the precious metal achieved Monday and Tuesday when U.S. Federal Reserve chair said additional monetary easing to pull down the nation's jobless rate remains an option.

"Notice how 1700/1690 held sturdy," analyst Andrey Kryuchenkov with VTB Capital told Reuters. "(This is) not a massive pullback, $1,640 will certainly hold for now, but a tad more is possible."

At 9:24 a.m. on Wednesday, gold futures slipped 0.66 percent, an $11.20 drop to $1,676.50 per troy ounce.

MarketWatch reports pitched protests in India have commenced a second week as people in the globe's second-largest consumer of the yellowish metal are demonstrating against increased tariffs on imports of gold and gold jewelry. Jewelers and traders were conducting a day-long hunger strike in opposition to the tax hikes.

Earlier this year, China leapfrogged ahead of the subcontinent as the globe's biggest consumer of the precious metal.

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