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Gold prices grow at the expense of the dollar declines, caused by a stabilization of the political situation in Italy and Greece.
Italy’s Senate approved the debt-reduction package in a bid to cut the country’s debt of 1.9 trillion euros ($2.6 trillion), shore up investor confidence and pave the way for a new government that may be led by former European Union Competition Commissioner Mario Monti. The timing of the ballot was moved forward after Prime Minister Silvio Berlusconi’s parliamentary majority unraveled this week, leading bond yields to surge to euro-era records. Lucas Papademos, a former vice president of the European Central Bank, has been sworn in as prime minister of a Greek unity government.
Rising gold prices in 2010 was a record 30%. For the third quarter of this year, gold has risen in price by 8% in October - 6%. Ten-year growth in the value of the metal became the most prolonged period of price increases, at least since 1920.
Gold for December deliveries went up to 1778.80 dollars per troy ounce on Comex in New York.
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