Gold records 1,650 USD/Troy an ounce
Gold prices on Tuesday, stable up to above $ 1,650 an ounce in Europe with the rise of the euro to its highest level during the session against the dollar and stock markets continue their gains after the success of the Spanish bond auction.
The agency “Reuters” news that the British “The price of gold in the spot market amounted to 1651.53 dollars per ounce compared to 1651.60 dollars in late New York trading Monday, while futures rose gold in the United States delivered in June $ 3.40 to 1653.10 dollars an ounce.”
The price fell by more than one percent in the past two days with damaged euro on worries about the debt crisis of the euro area.
For his part, said an analyst at R. CBS., Nikos Cavalis, “It will remain the gold in the balance of probabilities associated with the euro against the dollar,” adding that “bad news for Europe at the present time is bad news for gold I do not think that this trend will change unless there aredevelopments are very important. ”
Analysts expect a rise in gold this year, although many say he is likely to recede in the short term gold.
And will last many global markets in the search for an alternative to the U.S. dollar, “weak”, with some markets went toward keeping the yellow metal to a strategic reserve their central banks, instead of the dollar, which contributed to strengthening the demand for gold as a safe haven.
It is noteworthy that he is expected to continue rising with the price of gold rush of investors to the yellow metal safe haven, and speculation high rate of inflation in the United States because of printing more dollars to finance the economic stimulus plan.