A weakening dollar also pushed investors back to the precious metal, MarketWatch reports. The value of the euro is likely to boost as a result of euro zone leaders convening to demonstrate support for Greece. The Aegean nation and its debt-laden banks is struggling as it prepares to accept its second
bailout in 14 months.
"There will be more people moving towards the safety of gold which will take gold prices much higher," Chirag Mehta, commodity fund manager of Quantum, told Bloomberg. "The gradual increase in gold price will continue."
At 9:53 a.m. on Wednesday, gold futures increased 0.49 percent, a $7.50 rise to $1,531.90 per troy ounce.
Food and energy costs fell last month while wholesale prices last month increased 0.2 percent, the U.S. Labor Department stated on Tuesday. That increase marks the slowest pace of the past 10 months.
Gold is under-owned and the price will continue scaling, Mehta told Bloomberg.
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