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Gold prices reached a peak of six weeks due to the strengthening of the euro against the dollar and the rise in other commodity markets.
The euro is rising against the dollar, although the market is uncertain due to ongoing negotiations on debt restructuring of Greece. Private lenders have already decided on what losses they are prepared in the course of restructuring, and now such a decision should take the finance ministers of the eurozone. Greece must pay 14.5 billion euros to creditors on March 20.
On the physical gold market in India, demand is growing due to appreciation of the rupee against the dollar. Other major Asian markets - China, Singapore, Malaysia and Indonesia- are closed to celebrate the New Year by the lunar calendar.
Cost of the February gold futures on the COMEX today rose to 1679.7 dollars per ounce.
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