Gold Higher As USD Suffers Losses

Gold futures have pushed to moderately higher levels in late-morning trading Tuesday. More follow-through short covering in the futures market and bargain hunting in the cash market, following the big gains scored Monday, are featured today. The gold market got a boost when the U.S. dollar index extended its early losses to trade solidly lower on the day. There continues to be some safe-haven buying interest in the gold market amid the ongoing debt negotiations between Greece and the European Union/International Monetary Fund–which are not going well. June gold was last up $6.60 an ounce at $1,209.90.

via Kitco

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza