Quotation of gold reached a record high of $1,578.5 an ounce on Wednesday because of debt crisis worsening in the euro area and after publishing the conclusions of the June meeting of the Federal Reserve (Fed) U.S., which suggest that there might be a need additional liquidity.
At 12:03 GMT, the gold was quoted at $1,572.99 an ounce, up from $1,565.25 an ounce from Tuesday’s close in New York. Gold futures for August delivery rose $11.3 to $1,573.60 an ounce after a record high of $1,579.70 an ounce was reached during transactions.
Gold is heading to the eighth consecutive increase session, which never happened since mid-October 2006, when it rose daily for nine days. Leaders of euro area should attend on Friday a summit on Greece crisis, after finance ministers have admitted for the first time that they may put in place a controlled bankruptcy of Greece to bring debt to a sustainable level. But Germany’s reluctance put into question the meeting.
In the U.S., conclusions of Fed’s monetary policy meeting in June showed that some members think that it might be necessary to further liquidity policy, as economic recovery is too fragile to reduce unemployment. Silver price rose by 1.7%, to $36.65 an ounce.
Palladium, used in industry, depends largely on China’s auto market and its quotation went up by 1.3% to $771.97 an ounce. Quotation of the platinum rose 0.9% to $1,744.99 an ounce.