Despite Dollar Weakness Gold Cannot Overcome Selling Pressure

New York (Oct 19)  Gold continues to trade under pressure, closing lower on the day and in essence unchanged on the week. As of 4:45 PM EDT gold futures are trading off by $4.60 a net decline of - 0.31%, and fixed at $1493.70.

At the same time the U.S. dollar is trading lower currently down - 0.35%, with the dollar index currently at 96.955. For the last four trading days the index has lost dramatic ground. The net result this week from the dollar index was trading just above 98.00, and is now trading at 96.985.

Spot gold is currently fixed at $1490.30, which is after factoring in a net decline today of $1.20. On closer inspection we can see that dollar weakness actually added $4.80 worth of value per ounce, however normal trading bid the precious yellow metal lower by six dollars

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