FXstreet.com (Sydney) – The price of gold is heading for a weekly gain as sovereign debt in Europe increases demand for the metal while the dollar’s rally ends. Gold has risen in three out of the last four weeks due to fears that European budgets burdened with debt will affect the economic recovery of the EU.
Gold has lifted 8.3% from a 3-month low in February of USD $1044.85. Gold for immediate delivery gained 1.3% this week to trade at USD $1132.05 an ounce. It is possible that gold may rise again next week on sovereign debt and rising exchange-traded funds.
