Tuesday saw gold futures edge down in value as euro zone finance ministers prepared to put the final touches on the emergency rescue fund for nations under the shroud of the ever-lasting sovereign debt scourge, according to Reuters.
The Tuesday meeting in Brussels is likely to see the ministers finalize the European Financial Stability Facility, which will be deployed for nations struggling from the debt scourge's attack on public finance systems and banks.
"We remain bullish on gold, because we think the solutions are going to need more aggressive monetary policy, which will be positive for gold," commodities strategist Jeremy Friesen with Societe Generale in Hong Kong told Reuters. "I wouldn't be surprised that we don't see much strength toward the end of the year, but into 2012 we should see aggressive monetary policy being reflected in prices of gold."
At 9:39 a.m. on Tuesday, gold futures fell 0.1 percent, a $1.70 slip to $1,712.80 per troy ounce.
Gold is likely to be in high demand this season because of the wedding season in India, the end-of-year holiday season and the Chinese New Year, according to Dow Jones Newswires.
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