The price of gold recorded the largest increase since November 2009. This safe-haven commodity prices could rise to 3.9 percent scored at the weekend. Gold prices are skyrocketing because of poor employment data in the United States. As a result, market participants expectations the country’s slowing economy would seem to prove.
In early trading today, gold prices rose to USD1.544, 14 per ounce. This is the highest level in two weeks. As quoted by Reuters on Monday (7/11/2011), the gold price this morning was observed stagnant amid poor sentiment coming from the U.S. economy and fears of debt crisis of the Euro Zone. Gold prices fell 0.1 percent to USD1.542 per ounce. U.S. gold GCcv1 gold was little changed at USD1.542, 80.
President Barack Obama met with leaders from both parties, trying to break the deadlock with a Republican plan related to deficit reduction and to avoid debt default.
European Council President Herman Van Rompuy said it had an emergency meeting with officials related to the debt crisis of the Euro Zone on Monday morning. The trigger is a crisis fears spread to Italy, the third largest country in the region.
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