Germany's healthy economy, the euro zone's pacesetter, nearly ceased expanding during the second quarter while the sovereign debt crisis drew away from consumer confidence. The second quarter saw George Soros, a high-profile billionaire and renowned gold enthusiast, slash his ownership of gold exchange-trade products.
"There are still far too many macro uncertainties at the moment with softening economic readings," states a report penned by analyst Andrey Kryuchenkov of VTB Capital in London. "The short-term outlook for gold remains positive."
At 6:06 a.m. on Monday, gold futures increased 1.37 percent, a $24.10 increase to $1,782.10 per troy ounce.
Reuters attributes gold futures' gains to the reduced value of the dollar immediately prior to a meeting between France and Germany to strategize on methods of containing and confronting the euro zone sovereign debt crisis.
The precious metal appears to be driving toward the benchmark price of $1,800 per troy ounce, which it briefly touched last week.
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