Gold Prices rise following rescue package

Gold Prices reacted well to the rescue package implemented by the European Union to stem the economic woes faced in Greece.

That is according to MarketWatch, which suggests that investors turned to gold on the back of considerations over the effects of the extensive rescue deal on the euro.

The news provider states: "Gold futures rose … as investors considered the implications of the European Union's rescue package and its impact on Europe's common currency."

Societe Generale recently said in a note seen by Reuters that Gold Bullion has, of late, detached itself from its normal, inverse relationship with the US dollar.

The note said: "Gold has recently proven an ability to escape from its traditionally negative correlation with the greenback as long as bullish drivers emanate from its safe-haven status or its perception as an asset of last resort, features it shares with the U.S currency."

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