Gold futures were driving higher on Friday morning, last-ditch efforts perhaps to salvage the precious metal's worst monthly performance in three years, according to Reuters.
Germany, the largest economy of the beleaguered euro zone struggling with the sovereign debt crisis, granted approval to expand the euro zone bailout fund, which would benefit investors' interests in the short term.
"The downside is still a real possibility, as evidenced by Wednesday's liquidations. Markets are hanging onto every development in the euro zone," Tom Pawklicki of MF Global told The Wall Street Journal.
At 7:51 a.m. on Friday, gold futures climbed 0.22 percent, a $3.50 gain to $1,620.80 per troy ounce.
Thus far in September, even after notching all-time high prices of $1,923.70 per troy ounce on September 6, gold futures have dropped roughly 11 percent in value, according to Reuters. Following the crumbling of investment house Lehman Brothers, gold futures lost 17 percent of their value in October 2008.
This month has seen gold demonstrate a volatility that is uncommon to the precious metal, which has a reputation for being a stable safe haven during economically challenging times.
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