FXS: Gold rises as commodities gain on better market sentiment
Gold is trading at $1,137 as of 21:05pm, London-Time, with a bullish trend
Gold rose on Tuesday, snapping a two-session losing streak, as a recovery in risk appetite and better economic sentiment lifted the commodities led by oil after last week's sell-off. Improved U.S. corporate results led by banks like Goldman Sachs Group Inc and Citigroup Inc prompted funds to buy assets perceived as riskier such as equities and commodities. Gold and the dollar usually move in opposite directions. Recently, however, the inverse link between the two has broken because of a flight to quality amid worries over Greece. Gold prices ended 2 percent lower last week, sliding with other commodities after U.S. regulators charged Goldman Sachs with fraud on Friday, prompting selling of assets seen as higher risk, including commodities and currencies like the euro. Gold is trading at $1,137 as of 21:05pm, London-Time, with a bullish trend. Gold’s Pool-position is 64% Long, meaning that most Finotec clients are buying the precious metal.
