Gold futures were climbing back toward the benchmark price of $1,800 per troy ounce Wednesday, marking a third straight session of gains.
Debt concerns are driving the precious metal's rise in value, according to Bloomberg. German Chancellor Angela Merkel and French President Nicolas Sarkozy convened in Paris to work on the sovereign debt crisis and the leaders agreed not to widen the euro region's rescue fund.
"It's going to be a bullish market," derivative products vice president Tetsuya Yoshii of Mizuho Corporate Bank told Bloomberg. "After Greece, there was Spain, France and always some new problem, and the U.S. debt problem hasn't really been solved, so people are looking for a safe haven."
At 5:52 a.m. on Wednesday, gold futures climbed 0.49 percent, an $8.80 lift to $1,793.80 per troy ounce.
Each of the European Union's 17 nations is likely to face exposure to economic risk due to the deepening sovereign debt crisis, according to The Associated Press. Since August 1, gold futures have gained more than 10 percent; gold futures have gained more than 26 percent thus far this year and are driving toward an 11th straight year of annual gains.
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