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Gold Price Hits Six-Week High

January 23, 2012 by  

Gold Price Hits Six-Week High

The price of gold hit a six-week high on Jan. 23, as the metal was pushed upward by a recovery of the euro against the American dollar, according to Reuters.

The news outlet reported that confidence in the precious metal is growing, due to the fact that it has recorded three straight weeks of gains. Gold prices are up 7.1 percent since the end of December.

According to CNN, the price of gold for February delivery rose $6.50 to $1,670.50 an ounce, marking an increase of 0.39 percent for the commodity.

The metal is being helped by the recent positive news coming out of Europe, as commodities rose across the board.

“(Gold) is going up as a commodity at the moment,” Simon Weeks, head of precious metals at the Bank of Nova Scotia, told Reuters. “Commodities have had a good start to the year, full stop.”

MarketWatch reported that the advance in the price of gold came as Europe was set to consider prohibitions on any trade of precious metals with Iran, as foreign ministers from the EU planned to gather in Brussels.

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