Gold price rose in line with demand for gold is rising because the U.S. dollar weakened against the euro on trade in New York on Monday (26/12/2011) local time.
The price of gold for fast delivery rose 60 cents to U.S. $ 1606.95 per troy ounce (equivalent to 31.1 grams) on Monday at 4:54 New York time.
Throughout the end of 2011, the price of gold has risen 13 percent. Meanwhile, the U.S. dollar declined against the euro by 0.3 percent during the holiday trade Monday. Gold remains on track annual achievement for 11 consecutive years. The gold is in demand as fears of a slowing global growth.
Being on the trading on Tuesday, Gold held steady with prices stuck in a narrow range in the range of $ 15 in 3 sessions, as investors held the position during the holiday season, watching the developments in the European debt crisis.
Spot gold fell 0.1% last at $ 1,603.29 per troy ounce. U.S. Gold futures moved slightly at $ 1,605.20.
Gold and silver speculators slashed their bullish forecasts for three consecutive weeks until December 20, by buying silver fell more than 50%, said U.S. Commodity Futures Trading Commission.
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