FXS: Gold futures slide down amid a stronger US dollar
FXstreet.com (Barcelona) - Gold futures with a June contract are falling quickly Friday. Since peaking just above $1161 an ounce, currently the bullion is priced at $1149.50, almost a $12 drop.
The decline of the gold price is consequence of a strengthening US dollar with respect to a the euro. Currently the EUR/USD is listed at 1.3505 posting a 0.55% drop on the day.
The EUR/USD has been hit hard today, with concerns over a Greek bailout re-emerging. A stronger dollar puts pressure on gold and other dollar-denominated commodities making those alternative assets expensive for non-dollar foreigners.
