Gold futures climbed to their highest in a month. These conditions extend rally (increase the length) since August, along with the delayed completion of the debt crisis of the European Union. As a result, demand for gold has increased as an asset property protection.
Current situation in the EU, French President Nicolas Sarkozy and German Chancellor Angela Merkel met the creditors Greece in Brussels on Wednesday (26/10/2011) evening local time. "There is no quick resolution to the issue of debt (Union) Europe, so the status of border crisis pushed gold (price) of these metals go up," said Scott Gardner, Chief Investment Officer of Verdmont Capital SA, in Panama, on Wednesday.
Gold futures for December delivery rose 1.4 percent to its price 1723.50 U.S. dollars per troy ounce (equivalent to 31.1 grams) at 1:41 PM at the Comex in New York. Earlier, gold prices touched U.S. $ 1728, which is the highest price since 23 September 2011.
Garder also mentioned, the current gold has gained support at the lower limit on the price of about 1,600 U.S. dollars. So, he added, investors went back again to the market.
Source : Kompas