Gold News

European speculation sees Gold Prices rise

Speculation over the future of the economic situation in Europe has driven Gold Prices higher.

That is according to Bloomberg's BusinessWeek, which reveals that Gold Prices have risen for three straight weeks on the back of currency-related investment concerns.

The news provider said: "Gold rose … heading for the third straight weekly gain, on speculation that Europe's fiscal crisis will spur investors to purchase the metal as an alternative to holding currencies."

Such sentiment is supported by Peter Hillyard, head of metals sales at ANZ Bank in London, who believes that Gold Investment decisions are being widely made upon fears associated with the euro, according to Reuters.

He told the news provider: "The overall trend for gold is higher. Gold's run-up is related to the various economic themes running through Europe.

"It is a question of people being fearful of what is happening to the euro and a recognition of the financial mess that people find themselves in."

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