Tuesday saw gold futures rising in value as the yellowish metal benefited from conjecture about central banks preparing to deploy monetary stimulus to boost economic systems, according to published reports.
Finance ministers and bankers from Group of Seven nations – United States, Canada, Japan, Britain, Germany, France and Italy – were set to conduct a telephone discussion on Tuesday to discuss the sovereign debt crisis and Spain's struggles with it, according to Bloomberg. Economist Dennis Gartman, who also publishes an investing newsletter, holds a bright outlook for the prospect of increases to the price of gold futures.
"We've every expectation that the monetary authorities will, and indeed must, err upon the side of further aggressive accommodation, which in the end shall benefit both gold and equities," Gartman's daily letter states, according to Bloomberg.
At 9:32 a.m. on Tuesday, gold futures advanced 0.35 percent, a $5.70 gain to $1,619.60 per troy ounce.
Reuters reports the yellowish metal also is continuing to benefit from its performance on Friday of last week when bullion achieved its sharpest increase in 36 months
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