The price of gold popped due to renewed speculation concerning Greece and the eurozone default. Worries that the referendum for the country is dead increased following a move by the European Central Bank to ease monetary policy, The Street reported.
According to CNN, the price of gold for December delivery, the most actively traded contract, rose $22.90 to $1,752.50 an ounce, marking an increase of 1.32 percent.
"Given the scale of the European and global debt crisis, the slowing U.S. and global economy and heightened macroeconomic, monetary and systemic risk — a move back to $1,800 seems likely — possibly in November," Mark O'Byrne, CEO of GoldCorp, a bullion dealer, told The Street.
The concern arose following a move by French President Nicholas Sarkozy and German Chancellor Angela Merkel, as the two leaders gave Greece an ultimatum concerning a decision to stay in the eurozone. The news outlet reported that a failure to decide would result in a stoppage of bailout money from the collective union.