Gold buoyant rise to test $1,110.00 zone

Mon, Mar 15 2010, 22:06 GMT
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FXstreet.com (Barcelona) – Gold prices remain solid above 1,100,00 and current quotes are nearing $1,110.00. The precious metal started out in a consolidation phase along Asian and European markets. In the US, investors injected further volatility after worries on US debt rating warning. After price whipsawed in a $10 move, it bottomed at $1,100 area and rapidly accelerated upwards to test $1,110.00 (intra-day high). Price is now attempting to break through the level.

Europe constant instability over sovereign Greek problems keeps fueling aversion against the single currency. According to Gold core bullion services team: “Sovereign debt issues and currency risk remain prevalent and look set to keep gold buoyant for the foreseeable future. Indeed, gold is increasingly being seen as a safe haven currency as seen in the recent record (nominal) highs in euro and sterling due to the challenges facing the UK and European economies”.

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