One day after losing 2.5 percent of its value, the precious metal was driving back toward the $1,850 per troy ounce mark, which it previously has achieved as recently as earlier this month. The record price for bullion sits at $1,923.70 per troy ounce, established earlier this month.
Concerns about Greece defaulting are becoming more widespread with a 98 percent likelihood of it occurring within the next five years, according to a credit-default standard pricing model.
"The debt crisis of euro-zone peripherals remains the dominant issue," states a Tuesday report by analyst Daniel Briesemann of Commerzbank AG in Frankfurt. "Gold should remain in demand as a safe haven."
At 8:46 a.m. on Tuesday, gold futures were up 0.93 percent, a $16.80 increase to $1,830.10 per troy ounce.
With about three-and-a-half months remaining in 2011, gold futures are well on their way to achieving an 11th consecutive year of annual gains.
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