COMMODITIES: Gold Futures Turn Lower, CFTC May Probe Metal's Price Drop
After trading slightly higher in the a.m. session, gold futures have turned lower. The early morning rise in gold was attributed to some bargain hunting as the metal's recent plunge attracted buyers back to the market. Later, however, futures reversed with the dip partially attributed to a climbing greenback.
Anytime the greenback increases in value gold, a dollar dominated commodity, becomes more expensive for holders of international currency. Gold futures were last quoted down 0.46% at $1,381.00 an ounce.
In other news, The Commodity Futures Trading Commission may take a deeper look into the price of gold following Monday's price plunge. Democratic CFTC Commissioner Bart Chilton told Bloomberg TV today that the drop doesn't necessarily mean "anything nefarious" happened but whenever something like this happens "we got to look at it."
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