Gold News

Gold Prices rise on back of concerns over Greek economy

US Gold Prices have reacted positively to continued concerns over the Greek economy, it has been revealed.

That is according to Reuters, which reveals that a variety of commodities analysts believe the precious metal has seen a positive move in price in recent days as buyers look to secure safe-haven holdings in light of Greece's economic problems.

The news provider said: "US gold futures turned higher on Monday, extending the previous session's gains to a 10-day high, on uncertainties related to Greece's fiscal crisis, prompting safe-haven buying."

Meanwhile, the Economic Times has given an insight into why the precious metal is so attractive in times of fiscal uncertainty.

The new provider said: "Unlike other commodities, gold is regarded as a monetary asset since the precious metal’s physical consumption is restricted in jewellery making and to an extent some industrial applications.

"This uniqueness was more than apparent in the past two years when gold withstood the debacle in the equity markets and posted a year-on-year gain of 25 percent in 2008."

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