Euro zone leaders and economic and financial officials, and international regulators on Wednesday hashed out a plan to confront the sovereign debt crisis as gold prices fluctuated on Thursday morning, according to Reuters.
Though finance ministers spawned disappointment and nervousness by cancelling their Brussels meeting, heads of state, central bankers and officials from the International Monetary Fund helped euro zone leaders establish plans to control Greece's debt obligations. Controlling the sovereign debt crisis and the damage it has caused during the past two years also was a top priority.
"We are looking at ongoing accommodative monetary policy in the U.S. and Europe and this should continue to help gold," commodities strategist Nikos Kavalis with RBS told Reuters. "Macroeconomic uncertainty is also supportive – let's not forget that in addition to the European debt problem we are getting closer and closer to the November 23 deadline for the U.S. debt reduction deal. I cannot be bearish on gold at the moment."
At 8:18 a.m., gold futures increased 0.31 percent, a $5.40 increase to $1,728.90 per troy ounce.
Bullion has gained more than $100 during the past week, prompting CNN to wonder if the yellowish metal has brilliant days ahead. Established early last month, the yellowish metal's all-time high is $1,923.70 per troy ounce, largely propelled by the sovereign debt crisis and debt issues in the U.S., among other drivers.
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