Despite the rising value of the U.S. dollar, which typically pulls down the price of gold, investment demand for bullion remained high. Thus far this year, the precious metal has increased almost 12 percent in value, a marked achievement considering the yellowish metal's losses during the final month of 2011.
"We have a new short-term uptrend," analyst Andrey Kryuchenkov with VTB Capital told the news source. "There is enough investor appetite, as it seems many who fear missing the next leg up in gold are ready to move in."
At 7:30 a.m. on Thursday, gold futures dropped 0.17 percent, a $3 loss to $1,746.50 per troy ounce.
At one point on Thursday morning, the price of gold futures touched $1,753.20 per troy ounce, the highest value since December 8 of last year, according to Reuters.
Bloomberg reports concerns for the damaging tendencies of the sovereign debt crisis in the euro zone are likely to push demand for the precious metal as a protection for wealth, which would drive the commodity's price higher.
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