Gold futures exchange contracts rose from its lowest position of five-week because of the optimism that Greece will recover from its debt crisis and the growing number of U.S. workers are employed.
Gold futures for April delivery rose 0.7 percent to US$ 1683.90 per troy ounce (equivalent to 31.1 grams) on Wednesday (07/03/2012) at 1:59 PM at the Comex, New York. There is some good news out there for the economy, and it helped the price of gold.
The rise in gold price is caused many investors who participated in the Greek debt swap. It is marked by the investor with ownership as much as 58 percent of Greek bonds are eligible for debt relief the country, willing to participate. This condition brings Greece closer to the largest debt restructuring in history.
In addition, rising gold prices also triggered by news of the United States. According to data from ADP Employer Services, U.S. companies hired 216,000 workers last month.
Number of investors have come back after a sharp market downturn. However, even though analysts warn rising gold price is still not stable in the short term. Gold remains vulnerable to further pressure in the short term.
Gold prices had fallen below the 200-day moving average on Tuesday. Gold futures prices touched US$ 1663.40 per troy ounce. The price drop is the first time since mid-January 2012. Fall below that size, which is currently at the level of US.$ 1674, could be a bad signal to investors who follow historical price patterns.
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