The slowing economic rebound and the sovereign debt crisis are likely to drive up the value of gold futures on Monday for the sixth straight session, Bloomberg reports.
Not since this past April has bullion performed strongly for six straight days. During more than half of the trading days in April, gold futures broke record high values, oftentimes twice or more in one day. The record price for gold futures is $1,577.40 per troy ounce, set on May 2.
"Inflation will continue to be a big problem globally and this will keep gold prices supported," analyst Chi Duofeng of Bohai Futures of China told Bloomberg. "We remain bullish on gold for at least the rest of the year as the global macro-economic picture isn't encouraging."
At 6:17 a.m. on Monday, gold futures advanced 0.16 percent, a $2.50 lift to $1,544.10 per troy ounce.
MarketWatch reports one prominent theme of an emergency meeting Monday with high-level European officials and administrators is keeping the sovereign debt crisis from engrossing Italy. Representatives from the European Commission, the European Council and the European Central Bank are planning on meeting later in the day.
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