Posted On: June 19, 2012
The price of gold climbed in value on Tuesday amid sharp scrutiny of the Federal Open Market Committee, as it convenes the first in two days of meetings, according to
The yellowish metal also tracked the upward drive of the shared currency of the European Union, which continued drawing strength in the aftermath of Greek elections that will see the Aegean nation exert efforts to acquire bailout aid. Bond yields in Spain dropped and borrowing costs gained in anticipation of a Thursday bond sale.
"Gold has hardly been leading from the front as it's been seen as a source of cash rather than a currency in its own right - but there are some signs that with ETF inventories on the rise again ... that maybe, just maybe there is some fresh money coming in," precious metal sales director Simon Weeks with ScotiaMocatta in London told Reuters.
At 9:28 a.m. on Tuesday, gold futures increased 0.11 percent, a $1.80 lift to $1,628.80 per troy ounce.
Bullion is riding an eight-day bullish streak, representing the longest rally since July of last year, according to
Category: Industry News
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