FX: Gold prices ease as the dollar gains against the euro and investors unwind
Gold is trading at $1,131 as of 21:21pm, GMT, with a bearish trend
Gold fell on Thursday as investors’ unwound positions added earlier this week due to a euro rally and currency volatility amid a Greek debt crisis. Some bullion traders also took profits ahead of a closely watched U.S. jobs report on Friday. However, strong investment demand in exchange traded funds should provide underlying support for gold prices, analysts said. Speaking at a press conference after the ECB opted to leave rates at a record low 1.0 percent, the bank's president Jean Claude Trichet was seen to reiterate that no hike in euro zone rates is imminent. Gold is trading at $1,131 as of 21:21pm, GMT, with a bearish trend. Gold’s Pool-Position is 43% Long, meaning that most Finotec clients are selling the precious metal.
