Gold Price Toes The Currency Line

Gold Investing News reports gold price and currency market seem to go hand in hand.

Spot gold was steady at $925.90 per ounce in early afternoon, compared with New York’s notional close of $925.35, and was poised for a 1 per cent rise on the week. U.S. gold futures for June delivery fell $1.8 or 0.2 per cent to $926.60 per ounce, after rising $2.50 on Thursday on the COMEX division of the New York Mercantile Exchange.

“Gold is somewhat following the currency market right now,” said Dick Poon, a manager at Heraeus in Hong Kong, referring to firmness in sterling and euro against the dollar.

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