The gold price hovered just below $1,700 per ounce Tuesday morning in London – over 4% up on its low last week – before easing ahead of US markets open as the US dollar regained some of the ground it lost on Monday.
Gold prices were heading for their second weekly fall Friday lunchtime in London, as they drifted down towards $1,700 per ounce following European ministers' rejection yesterday of the latest austerity proposals from Greece.
Gold prices touched $1,600 per ounce Friday lunchtime in London - a 2.3% rally from this week's lows - while stocks and commodities flat. "Physical market demand continues to improve," says Walter de Wet, Standard Bank commodities strategist.
Spot market gold bullion prices rose sharply to $1,797 per ounce Wednesday lunchtime in London - over 3% higher than the same time a week earlier - as the European debt crisis intensified its grip on Italy.