The U.S. Comex gold futures rose 1.93% last week but fell 2.11% this week to $1,176.60 on Tuesday. The S&P 500 Index rose 0.68% this week while the Euro Stoxx 50 Index surged 4.97% and the crude oil futures jumped 2.35%.
U.S. dollar gold prices ticked higher to $1,597 per ounce Wednesday morning, holding gains from a day earlier, as the Dollar fell against the Euro despite warnings from a prominent Eurozone policymaker that the crisis in the region is not over.
Gold futures prices are moderately higher in early trading Tuesday and briefly pushed above $1,600.00 as fresh safe-haven demand has surfaced amid a flare-up in the European Union sovereign debt crisis.
U.S. dollar prices for buying gold rose briefly above $1,600 per ounce Tuesday morning before falling back, while silver failed to hold above $29 an ounce and stock markets fell following the inconclusive Italian election result.
Thank Bill Gross for adding muscle this week to the already strong gold prices. The Pacific Investment Management Co. founder and co-chief investment officer said US fiscal problems will burn investors if they aren't protected by gold and real assets.
Wholesale-market prices to buy gold eased $5 in London on Thursday after an overnight rally to $1,760 per ounce. US crude oil rallied back above $90 per barrel. Silver prices held in a tight range above$34.00 per ounce.