PT. Equityworld Futures - The dollar is dominating the gold market.
With
markets showing relative calm in the face of Greece’s debt crisis and
equities near all-time highs, there’s little demand for the safety of
haven assets like gold, giving changes in the dollar more sway. The
metal has moved in the opposite direction as the Bloomberg Dollar Spot
Index every day except one this month.
Gold futures for August
delivery fell 0.1 percent to settle at $1,179.20 an ounce at 1:41 p.m.
on the Comex in New York. On Thursday, prices declined 0.5 percent.
The Bloomberg Dollar Spot Index climbed as much as 0.6 percent.
The
30-day correlation between gold and the dollar index was negative 0.63
on Friday, the lowest since December, according to data compiled by
Bloomberg. A reading of 1 would signal the two moved in lockstep in the
same direction, and minus 1 reflects opposite movements.
Silver
futures for July delivery fell 0.8 percent to $15.825 an ounce, the
first decline in three days. Prices lost 1 percent this week. Platinum
and palladium also declined.
Sumber : ewfpro.com