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Gold declines as the Dollar gains and investors abandon the precious metal

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Finotec

2009-02-07

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Gold is trading at $937 as of 9:30am, London Time. Gold’s Poll-Position is 29% long, meaning that most Finotec clients are Selling the precious metal.

Gold fell as a gain in the dollar curbed the precious metal’s appeal as an alternative investment. The greenback climbed against the euro after a Chinese official said he hoped the greenback would remain stable and was “not aware” of a plan to discuss a new reserve currency at next week’s Group of Eight meeting. “We may see some consolidation today” for gold, said Darren Heathcote, head of trading at Investec Bank (Australia) Ltd. “It certainly looks that the dollar and gold movements are still linked. The news yesterday that China was reportedly prepared to debate a reserve currency at the G8 summit caused a stir and will continue to have repercussions.” Gold is trading at $937 as of 9:30am, London Time. Gold’s Poll-Position is 29% long, meaning that most Finotec clients are Selling the precious metal.

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