Gold prices ranged above the level of 1790 USD/Troy per ounce on Tuesday, after jumping more than two percent in the previous session, supported by demand for the precious metal as a safe haven for investors, while Italy has attracted the limelight in the debt crisis of the euro area.
The prices of Italian government bonds to near their highest level in 15 years, placing third largest economy in Europe in the center of the region’s debt crisis, despite the efforts of policy makers who are struggling to contain the infection worsening.
Hu said Chen Qiang, an analyst at Janroy Futures “Gold will continue to move up because of the situation in the euro zone will not find a problem in the $ 1800 level over the short term.”
But he warned that prices could see a downward correction after penetrating gold to this level, under pressure from profit-taking sales.
By the time 0623 GMT, the Gold Spot 0.2 percent to 1791.40 USD/Troy per ounce an ounce, down from the highest level in six weeks and half the week at 1798.09 dollars reached in the previous session. And the movement of gold in a narrow range of about five dollars a day. And rose gold transactions in the U.S. 0.1 percent to 1793.10 dollars an ounce.
Silver fell in online transactions 0.34 percent to 34.74 USD/Troy per ounce an ounce and platinum fell 0.67 percent to 1644.49 dollars an ounce.
But palladium rose 0.23 percent to 659.99 USD/Troy per ounce an ounce.