FP: Gold trades steady as investors await on the dollar and Bernanke testifies
Gold is trading at $1,077 as of 7:55am, GMT with a bullish trend
Gold fell as the greenback strengthened before Federal Reserve Chairman Ben S. Bernanke releases his testimony to Congress about withdrawing stimulus funds and on concerns about sovereign debt in Europe. “This trend is an indication that demand at the current price level should remain robust,” Eugen Weinberg, head of commodity research with Commerzbank AG, wrote in a note yesterday. Gold holdings in the SPDR Gold Trust were unchanged at 1,106.38 metric tons yesterday, according to the company’s Web site. Gold is trading at $1,077 as of 7:55am, GMT with a bullish trend. Gold’s Pool-position is 81% Long, meaning that most Finotec clients are buying the precious metal.
