FX: Gold rises as the dollar plummets and the Fed keeps interest rates low
Gold is trading at $1,127 as of 21:15pm, GMT, with a bearish trend
Gold rose on Tuesday as Standard & Poor's' affirmation of its ratings on Greece lifted the euro and U.S. stocks to session highs, and as oil rallied ahead of a Federal Reserve rates announcement. Gold usually moves in the opposite direction to the dollar, as the unit's strength curbs its appeal as an alternative asset and makes dollar-priced commodities more expensive for holders of other currencies. Concern over the fiscal health of debt-laden Greece and some major economies has helped support safe-haven flows into gold this month. The metal continues to benefit from worries over the sovereign debt. Gold is trading at $1,127 as of 21:15pm, GMT, with a bearish trend. Gold’s Pool-Position is 34% Long, meaning that most Finotec clients are selling the precious metal.
