Belgium becomes the newest addition to the stable of euro zone nations to have its credit rating fall into question when Fitch Ratings reduced its outlook to negative on Monday. Standard & Poor's gave notice this past Friday that the debt rating of Italy is in peril of sliding as well. To position itself for additional financial assistance, Greece announced support for budget cuts totaling the equivalent of $8.4 billion as well as a hastened plan to sell assets.
"Concerns over the ability of euro-zone peripheral nations to contain their debt continue to intensify," according to a report from James Moore, an analyst at TheBullionDesk.com in London. "We expect further dip-buying to underpin gold."
At 7:01 a.m. on Tuesday, gold futures climbed 0.46 percent, a $7 rise to $1,522.40 per troy ounce.
"Debt woes of the euro-zone nations continued to unsettle investors," Ong Yi Ling, a Singapore-based investment analyst with Phillip Futures, told the news service "Gold defied a stronger dollar and weaker commodities to rise higher in a flight to safety."
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