The price of gold futures rose on Thursday amid indications that investors are devoting more resources and attention away from the U.S. dollar, according to Bloomberg.
The world's reserve currency was slumping for a second consecutive day against the common currency of the European Union on Thursday as Greece drove toward finalizing the debt swap that is likely to prevent the nation from defaulting on financial obligations.
"It finally looks as if Greece will pull through, and the sentiment overall is positive," senior research analyst Rick Trotman with MLV in New York told the news service. "The risk-on mentality seems to be back for now."
At 11:54 a.m. on Thursday, gold futures climbed 0.67 percent, an $11.20 lift to $1,695.10 per troy ounce.
The precious metal's climbs were tempered by halts to the euro's climb, Reuters reports. The monetary unit's upward drive came to a close as a consequence of the European Central Bank reducing regional forecasts for growth while also indicating that it no longer will be as active in taking on the sovereign debt crisis.
Risk Disclosure
This material is conveyed as a solicitation for entering into a derivatives transaction.
This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.
Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.
Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.
You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.