Gold price resumed gains, and touched its highest level in the last two weeks because of the exchange rate of U.S. dollar (U.S.) weakened against the euro. Where there are fears the Greek inability to pay its debts.
Gold Price on Move
As quote on Tuesday (06/21/2011), in the spot market gold price rose $ 2, 20 to USD1.544, 20 per ounce. In trading Monday (20/06/2011), the prices of these commodities rose to USD1.545, 90 ounce, this is the strongest level since June 9. However, precious metals prices were still below the highest level in history at USD1.577.57 in early May. Throughout one year, the price of gold has rallied by 8.7 percent.
Silver price itself, hardly changed, staying at USD35, 97 per ounce, still below the record at USD49, 51 per ounce in April.
Euro zone finance ministers gave Greece two weeks from Monday to approve further spending cuts and raise taxes to bailout the second phase of 12 billion euros could be disbursed.
Gold Price Outlook
In addition, gold jewelry business in Indonesia is likely to begin to move rapidly along with the month of Ramadan that will soon arrive. But in Hong Kong, people began to make purchases in the inexpensive price of the jewelry. But investors seemed concerned metals in Japan will be stable gold prices
“Outlook movements in gold prices remains bullish. We do not see any permanent solution related to the debt crisis in Europe. It support the gold price,” said Kunal Shah, Head of Commodity Research Commodities Pvt Nirmal Bank in Mumbai.
