Gold prices, coming off the strongest January performance in more than three decades, continued gaining value on Wednesday, pushing higher for a second consecutive trading session, published reports indicate.
Embattled euro zone nation Greece was believed to be hurtling toward a pact to address its debt issue, Reuters reports. That pushed up the value of the region's monetary unit, which benefited the value of the yellowish metal.
"Concerns about Greece and Portugal are keeping demand for gold high and supporting the price. Yesterday gold defied the downward trend in commodity prices and a firmer U.S. dollar, increasing to an eight-week high of $1,748 per troy ounce," states a note penned by Commerzbank analysts, cited by Reuters. "There has still been no breakthrough in negotiations" regarding Greece's debt scourge.
At 10:40 a.m. on Wednesday, gold futures gained 0.45 percent, a $7.80 lift to $1,748.20 per troy ounce.
The precious metal has increased in value nearly 15 percent since touching its lowest value in six months late this past December, according to Reuters. On Wednesday, gold futures notched their top price since earlier in December, according to Dow Jones Newswires.
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