Greece's credit rating once again suffered as Standard & Poor's acted for the fourth time in two-plus years to reduce the rate. The nation last year accepted a bailout of its debt-stricken financial institutions.
"I'm bullish on gold despite its current levels," Hal Lehr, managing director for cross-commodity trading at Deutsche Bank, told Bloomberg. "It could reach $2,000 dollar an ounce in the next eight months."
At 9:46 a.m. on Tuesday, gold futures gained 0.41 percent, a $6.10 increase to $1,510.10 per troy ounce.
Gold futures have scaled in value three straight days as of Tuesday. The record price for the precious metal presently stands at $1,577.57 per troy ounce, which was established on May 2. But by closing on May 4, gold futures had lost 1.6 percent of their value, largely as a result of reports stating high-flying investor George Soros had sold some of his precious metal stockpile.
Gold's price is boosted by investing in it, which is a method of protecting assets.
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