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Gold Prices Shoot Upward On Positive Economic News

December 2, 2011 by  

Gold Prices Shoot Upward On Positive Economic News

The price of gold increased on Friday as investors purchased the metal along with other assets associated with risk, encouraged by positive employment data from the U.S. and a concerted effort by euro zone policymakers, Reuters reported.

According to the news outlet, news of positive economic data from the U.S. boosted risk appetite, along with widespread investor expectation that a European summit next week may finally create a concrete solution to the euro zone debt crisis.

“Gold used to be working as a fear indicator but at the moment it’s trading more or less like a risk asset,” Eugen Weinberg, an analyst for Commerzbank, told Reuters. “Risk is on because of the better employment data and the expectations for the E.U. summit are very high.”

MarketWatch reported that gold futures gained nearly 1 percent on the speculation that a more fiscally responsible union could emerge in Europe and may result in more central bank stimulus.

According to the news outlet, the price of gold increased $16.50 to $1,756.60 an ounce, marking a rise of 0.9 percent for the metal.

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