Gold futures were on the upswing on Monday morning, pushing toward a third consecutive day of gains on the first trading day of October, Reuters reports.
Gone is the month of September, which proved to be an uncommonly volatile month for the precious metal. Despite setting a record high of $1,923.70 per troy ounce during the first week of the month, gold futures had the biggest monthly value loss since September 2008. Monday's driver is preoccupations about an inability to contain the sovereign debt crisis to the euro zone, where it has ravaged banks and public finance systems.
"Investors who may not have the patience to wait for a political solution to the debt crisis from policy makers may seek out gold as a portfolio diversifier," states a Monday note from analyst James Steel with HSBC Securities USA, as cited by Bloomberg.
At 7:48 a.m. on Monday, gold futures gained 2.22 percent, a $36 increase to $1,658.30 per troy ounce.
Bloomberg reports finance chiefs from the euro zone are set to convene in Luxembourg on Monday to discuss strategies of preserving the integrity of banks should Greece default.
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