Gold futures rose above the benchmark price of $1,800 per troy ounce Thursday amid the reduced pace of growth and debilitating equities, Bloomberg reports.
The policy response to the sovereign debt crisis tearing through euro zone banks and public finance systems is "insufficient," according to Morgan Stanley. Gold's allure as an alternative investment climbed as the value of European stocks slipped.
"Stock sentiment has soured," states a report by analyst James Moore of TheBullionDesk.com in London, which noted "the ongoing theme of dip-buying and general concerns surrounding the macroeconomic situation, gold appears to be building for a retest of last week's" record high price.
At 6:27 a.m. on Thursday, gold futures increased 0.47 percent, an $8.40 rise to $1,802.20 per troy ounce.
Reuters reports bullion is set to climb four straight days and the primary driver is no viable solution to the sovereign debt crisis. The precious metal is within 1 percent of passing by the record price of $1,817.60 per troy ounce, which was set on August 11.
Thus far this year, gold futures have increased 26 percent while top stocks in the U.S. have lost 15 percent of their value, according to Reuters.
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