The value of the 17-nation currency of the European Union also edged up in value when compared with the world's reserve currency as investors closely scrutinized the after-effects of the credit rating downgrades to nine nations, including France. France and Germany typically take lead roles in economic development issues in the euro zone since their economies are the region's largest. The price of gold futures was barreling toward the $1,650 per troy ounce figure and one investment house noted ongoing discussions between debt-hobbled Greece and its creditors, which are believed to be nearing collapse.
"If these talks do not make progress gold could come under further pressure," states a note penned by HSBC.
At 7:08 a.m. on Monday, gold futures lifted 0.85 percent, a $13.80 advance to $1,644.60 per troy ounce.
Imports of bullion to China, the world's top consumer of gold along with India, touched a record high in November due to investors aiming to preserve their wealth, according to China Digital Times.
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