Gold continuing on a high as investors look for safety

Gold continuing on a high as investors look for safety

Gold’s Pool-Position is 83% Long, meaning that most Finotec clients are buying the precious metal

Gold traded at $1,141 an ounce on Tuesday with investors cautiously preparing for the precious metal to advance towards the psychologically important $1,200 level as the U.S. dollar is expected to remain weak for now.

Investors maintained their appetite for bullion as a hedge against currencies as the greenback drifted lower in Asia and the euro edged up as rhetoric over China's yuan currency policy increased. Underlining views that a global economic imbalance is being reflected in the weakening dollar, the head of the International Monetary Fund said a stronger Chinese yuan is part of the reforms that Beijing needs to implement to increase domestic consumption. Gold is trading at $1,141 as of 21:26pm, GMT with a bullish trend. Gold’s Pool-Position is 83% Long, meaning that most Finotec clients are buying the precious metal.