Gold futures pushed beyond two $100 values in less than 48 hours, according to published reports.
On Wednesday afternoon, the precious metal topped $1,800 per troy ounce, less than two days after soaring past $1,700 per troy ounce, Bloomberg reports. Countries on either side of the Atlantic Ocean dealing with their respective debt crises is a driver of bullion's price spikes as shaky financial situations prompt investors to purchase storages for assets.
"We remain nervous; that alone supports the gold market," broker and futures analyst Frank Lesh of FuturePath Trading told Dow Jones Newswires. "Capital flows look for returns and safety, and right now interest-bearing products don't give you much."
Since Standard & Poor's slashed the U.S. debt rating from AAA to AA+ on Friday evening, gold futures have climbed more than 8 percent in value. That rate cut and the ongoing strife with euro zone nations fending off insolvency during the sovereign debt crisis has scathed global equities and driven down markets.
Dow Jones Newswires reports investors were eyeing France, one of the euro zone's two strongest economies. Bank stocks have dived on the nation's equity market amid concerns that major financial institutes hold strong investments in sovereign debt.
Germany is recognized as the euro zone's healthiest economy.
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