The price of gold rallied to a slight increase as the markets opened on Monday, due to the growing concerns about Europe’s sovereign debt crisis and the inability of its leaders to announce a common goal, according to the International Business Times.
Metals rose due to their safe-haven status, as the consensus about the inability of Greece to pay back its debt grew in the face of the recent developments with other EU leaders. Finance ministers from member countries met to try and address the issue but no agreement was made, reported the news outlet.
United States Treasury Secretary Timothy Geithner urged the foreign finance ministers to enlarge the $607 billion bailout that was put forth by the EU leaders, but they were unable to agree upon a new amount, the International Business Times reported.
According to Tony Hall, a hedge-fund manager from Duet Commodities Fund Ltd., noted that gold may climb 21 percent to a record $2,200 an ounce by the end of the year, Bloomberg reported.
Gold for December delivery is currently trading at $1,816.60 an ounce, up 0.10 percent from the opening of markets after the weekend, according to CNN.