30th July 2012
The value of gold has held steady today (July 26th), following a sharp rise in the previous trading session.
Gold prices soared by 1.5 per cent yesterday, as investors became more confident that the European Central Bank would intervene to ease some of the problems being encountered in the eurozone, Reuters reports.
The news saw the euro make a brief recovery against the US dollar and this was helped by fresh talks of monetary easing in the North American country.
Gold is now holding firm above the $1,600 an ounce mark and this will come as a relief to commodity traders.
The precious metal has traditionally been viewed as a safe haven for investors, but gold markets have been very volatile of late, mainly due to financial uncertainty in the eurozone.
Spot gold prices dipped badly last week, with the metal trading as low as $1,581.64 an ounce and some experts predicted even further losses in the near future.
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