The stronger USD and lower crude oil price lessened Gold's appeal as a hedge against inflation and the yellow metal dropped $34 on the week to $865.
Gold Spread Trading, 13 Jun 08
Gold reacted violently yesterday morning to the dollar strength. At one point it fell over $22 to drop below the $860 mark. Evening traders brought a small sense of calm back and it managed to rally back up to around $870 where we opening again this morning.
Gold Spread Trading, 11 Jun 08
The Dollar move higher had its predictable effect on Gold and Oil, which have been trading recently as sort of leveraged anti-Dollar hedges. Gold is, like Cable, struggling to make new highs and the bears continue to eye the huge $850 target level. Yesterday’s $26 fall was the biggest one day drop since the mid March fall out when we failed at the $1000 level and before that we have to go back to June 2006 to get a similar scale of weakness.
Gold Spread Trading, 9 Jun 08
Gold was affected by the US dollar, causing falls in the earlier part of the week to be erased. The Gold spread betting market closed the week 1.28% up at $899.2.
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'Gold Financial Spread Trading June 2008' by DB, updated 20-Jun-08
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