Greece, which accepted a bailout in June 2010, might have its repayment plan extended due to its continued struggles, according to the prime minister of Luxembourg. Portugal, long believed to be teetering on the precipice of requesting a bailout, will be supported by European finance officials should it request a bailout.
"There's still a lot of uncertainty in the euro zone," Bernard Sin, head of currency and metal trading of Geneva-based precious metal refinery MKS Finance, told Bloomberg. "It's a trading market and it's no surprise that big investors liquidated positions."
At 8:17 a.m. on Tuesday, gold futures climbed 0.08 percent, a $1.20 gain to $1,491.80 per troy ounce.
Significant activity by billionaire investor George Soros also impacted the price of gold.
"Soros was sitting on a huge profit and like a lot of investors of late, he was happy to take those profits off the table," Gavin Wendt, founding director at MineLife Pty in Sydney, told the news service. "That shouldn't surprise people. Gold has been rising for a decade for fundamental reasons, which haven't gone away."
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