Monday saw gold futures increase in value amid uneasy financial and economic situations on both sides of the Atlantic, published reports indicate.
The milestone price of $1,800 per troy ounce is again within reach again as a consequence of tumult in Greece, where Prime Minister George Papandreou is set to resign after a new unity government has been formed to streamline the Aegean nation's receipt of its second tranche of international bailout aid in about 17 months, according to Reuters.
In the U.S., a third round of quantitative easing, more colloquially known as QE3, is a possibility, which also would prove to be beneficial to the yellowish metal, Dow Jones Newswires reports. Since well before the second round of the economy-spurring measure ended in late June, speculation about the next round has never died off.
At 7:51 a.m. on Monday, gold futures advanced 1.26 percent, a $22.20 lift to $1,778.30 per troy ounce.
The record price for gold futures is $1,923.70 per troy ounce as set September 6. Less than two months separate the precious metal from achieving an 11th consecutive year of annual gains.
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