Gold Future Slip on Dollar Strength
Another bump in the road today, as spot gold and gold futures dipped in the wake of increased strength for the U.S. dollar. Crude oil continues to rule the roost with a top figure of about $122 a barrel. This will be the second day that crude oil is holding at or near this level.
In general it seems clear that the world's economic bases of power are shifting. Buying power is growing in China and India, as disposable income is catching up with the great numbers of their populations. With oil prices high, the centers of gold futures exchange are naturally shifting. Dubai is quick becoming the focal point for gold futures trading. The Dubai Gold & Commodity Exchange has become the center for activity, especially in gold futures. And trading in gold futures increased by about 50% last year.