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Gold Embracing Dollar Once More as Haven Demand Fail to Emerge


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.

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