If you want some gold futures trading education on how these contracts for the metal can sometimes break from their traditional aspects, you can find a great example in their behavior on May 31.
August gold surged to $1,421.60 per ounce, its highest price since May 15, in early trade, according to Bloomberg. This happened even amid a stronger price for the U.S. dollar. This is the exact opposite of what usually happens, as a higher value for this currency usually pushes the precious metal lower in price.
Later in trading, the August contract for the commodity was down 0.3 percent for the day at $1,407.70 an ounce at 9:07 a.m. on the Comex division of the New York Mercantile Exchange, the media outlet reports.
MarketWatch reports that while the ICE dollar index had fallen for most of the week, it reversed its direction on Friday and rose to 83.06, up slightly from its value of 83.022 late on Thursday.
"The dollar is strong, so that's pushing down gold again," Frank McGhee, who serves as head dealer for Chicago-based Integrated Brokerage Services LLC, told Bloomberg during a telephone interview.
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