Concerns about the sovereign debt crisis ensnaring additional nations pushed gold futures to record highs on Tuesday morning, according to published reports.
Bloomberg reports the precious metal's push to record highs is attributable to worries about euro zone banks suffering the consequences of the debt crisis that already has victimized Ireland, Greece and Portugal. Bullion's record high now stands at $1,921.15 per troy ounce. The precious metal pushed past the $1,917.90 per troy
ounce price, which was set late last month.
Darren Heathcote, head of trading for Investec Bank of Australia, told Bloomberg that the situation with banks and public finance systems in the euro zone is likely to persist as a prompt solution probably will remain elusive. European national leaders are ill-equipped to resolve the debt crisis, he said.
At 6:50 a.m. on Tuesday, gold futures increased 0.72 percent, a $13.60 lift to $1,890.50 per troy ounce.
Greece's struggle with the scourge touched a new level of concern as talks between regional lenders and officials of the Aegean nation were discontinued, according to MarketWatch. Italy was pressed into executing methods of austerity, a signal indicating it is likely to fall within the purview of the crisis.
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