Gold prices were hovering about their top level since September of last year as investors demonstrated stronger inclination toward the precious metal, Reuters reports.
Methods of central banks around the world – such as the European Central Bank, the Bank of Japan and the U.S. Federal Reserve – have helped bullion drive higher during the past month. How the Fed will continue supporting its commitment to augment the financial system with $40 billion per month as announced by Chairman Ben Bernanke also is benefiting the price of gold.
"Gold has certainly got a bit of spring in its step at the end of the summer break. There is good physical buying coming through and central bank buying is firm so the market will support it," chief executive Ross Norman with gold-broking firm Sharps Pixley told Reuters.
At 11:49 a.m. on Wednesday, gold futures gained 0.29 percent, a $5.20 lift to $1,780.80 per troy ounce.
With the milestone price of $1,800 per troy ounce well within striking distance, gold futures are likely to continue climbing as the U.S. Federal Reserve program for quantitative easing continues, according to The Wall Street Journal.
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