Gold Drops to 1-Month Low
Gold fell to a one-month low and trading volume declined as investors held off on making big moves before Federal Reserve policymakers meet this week. Gold is headed for a third straight annual loss as steady growth for U.S. jobs and the economy strengthened the dollar and bolstered the case for the Fed to raise interest rates for the first time since 2006. Futures trading was about 22 percent below the 100-day average on Friday, data...
Traders Recall ‘Rush’ and ‘Roar’ as Famed Futures Pits Set to Close
New York — Pete Meegan had every intention of going back to college, but then he got a summer job in the Chicago trading pits and fell in love with the “roar” of the floor, the excitement of “4,000 people yelling, ‘Buy! Buy! Buy!’ ” and decided no more classroom for him. That roar will soon go silent. Today, most futures pits in Chicago and New York, where frenzied buying and selling once helped set prices on cattle and corn,...
Gold Falls to Six-Week Low
Gold futures fell to a six-week low Friday on mounting speculation that the Federal Reserve is moving closer to raising U.S. interest rates. Gains in consumer confidence are helping to underscore the Fed’s outlook that drags on the economy earlier this year were “transitory.” Sentiment in April increased to the second-highest level in eight years, a private report showed Friday. An improving economy allows the Fed more to room to...
