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Gold prices are rising due to the weakening of the dollar and the rise in equity markets.
Euro is rising against the dollar on expectations that Spain will soon file an application for financial assistance. Spain's appeal for financial assistance from the European Central Bank will begin purchasing Spanish government bonds to reduce its borrowing costs. The officials said the euro zone, Spain applies for assistance in November and it will be considered along with the revised program of lending and issuance of Greek Cyprus.
On Monday, gold fell more than 1% as strong macroeconomic U.S. led investors to doubt the introduction of new Federal Reserve stimulus.
Stocks of gold-ETFs ETF, monitored Reuters on Monday declined to 213,228 ounces due to the outflow of the largest ETF SPDR Gold Trust.
October futures price of gold on COMEX rose today at $ 6.50 and is now 1744.40 an ounce.
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