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Jun

22

Gold falls in CFD trading

June 22nd, 2010

Investors have cashed out of gold futures after a "record run", it has been said.

CFD trading saw gold futures experience a second day of losses today (June 22nd), MarketWatch reported.

On the Comex division of the New York Mercantile Exchange, gold for August delivery fell 0.4 per cent to stand at $1,235.70 (£838.84) an ounce.

According to the publication, it marks the worst one-day fall since the middle of last month.

One reason for the plummet is that following China’s central bank statement to allow the yuan to trade more flexibly with the US dollar, investors rushed to industrial commodities, high-yielding currencies and stocks.

Bullion closed at $1,268.30 an ounce on Friday, the highest since gold futures trading was launched on the Comex in the 1970s, the online resource said.

Yesterday Bloomberg noted gold was heading for its best results since 1920, with a potential tenth annual gain if the commodity experiences a 15 per cent increase this year.

Tags: cfd trading, gold

This entry was posted on Tuesday, June 22nd, 2010 at 16:41 and is filed under CFD News, Trading News. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

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