Gold Futures Rise On European Worries, Return To Safe Haven Status
The price of gold rose by a significant margin following the return by investors to the metals market due to the ongoing debt crisis in Europe, The Wall Street Journal reported.
Gold futures were affected by the disappointing lack of progress in the EU, as the leaders on the continent struggled to create a cohesive plan concerning the debt of several member nations. The Greek financial collapse remains a significant factor for traders, according to the newspaper.
"Investors who may not have the patience to wait for a political solution to the debt crisis from policy makers may seek out gold as a portfolio diversifier," James Steel, an analyst with HSBC, told the Journal.
The price of gold has rallied from a slight drop in value that occurred last month, as the metal declined 11 percent for September. This low level has led to significant investments due to bargain buying, reported the newspaper.
December gold traded up $35.60 to $1,657.90 an ounce, and may continue to rise because of safe-haven purchases by investors, Kitco News reported.
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