Los Angeles, CA – Gold futures prices traded above $1730 an ounce on Tuesday, marking a fresh seven-week high on near-term bullish technical momentum. Silver prices are also trading higher, reaching a 10-week high at above $33 an ounce following suit with gold’s technical trading momentum.
The Federal Reserve’s FOMC notes last week served as a catalyst for safe-haven investing, stating that the Fed would not increase interest rates until 2014. Gold has gained over 10% in month the of January, marking this the best start to a year for the precious metal since 1980 and rebounding from its first quarterly decline in three years. Some of the key factors contributing to gold’s gain are a weaker US Dollar index and higher prices for crude oil, exceeding a $100 a barrel.
New news from the European sovereign debt crisis is developing this week, after reports saying Greece’s private sector and government were in talks on restructuring debt has made progress but not yet come to a complete resolve. Yesterday’s EU leaders summit was deemed successful, as EU leaders pledged close fiscal ties and improved debt-limit enforcement policies among EU countries. This news has given investor’s a ‘risk on’ sentiment thus far this week. The continued debt crisis in Europe is one of the major factors for a bullish gold market, due to the precious metal’s safe-haven investment qualities.
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