The price of gold reached $1,718.90 on the New York Mercantile Exchange – an increase of $33.20. The price of silver rose to $32.22. Platinum gained $19.30 to reach $1,548.80, and the price of palladium gained $18.00 to hit $584.40.
Reports that the International Monetary Fund would provide funding to combat Italy’s debt crisis boosted the euro. The euro was recently trading at $1.3390, up from $1.3246 on Nov. 25 in New York. Though the IMF denied an agreement with Italy, the news was enough for investors to flock to the euro.
“Gold has definitely benefited from the euro’s strength,” said Chadwick Hopkins, president of C.D Hopkins Metals Division, a leading precious metals dealer and financing institution based in Los Angeles. “Investors who hold currencies like the euro also tend to find gold and other precious metals appealing investments. Because precious metals are considered safe-haven investments, they are considered good assets to hold in uncertain economic climates where the dollar is weak.”
Gold's performance at above $1,700 on Nov. 28 comes after trading slightly below that level for the past week.
Hopkins noted that the gold market has recently built a strong base around the $1,675 level – but he predicts that gold will leave those prices behind as it surges higher in future weeks.
C.D. Hopkins Metals Division sells precious metals including gold, silver, platinum, and palladium – as well as base metal copper.
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About C.D Hopkins Metals Division
C.D Hopkins Metals Division is a leading precious metals dealer and financing institution located in Los Angeles, Calif., specializing in gold, silver, platinum, palladium and copper. With a C.D Hopkins Metals Division account, you can purchase precious metals for immediate personal delivery or arrange for convenient storage at an independent bank or depository. C.D Hopkins offers options for financing and selling your precious metals and expert account representatives to fulfill your investing needs. To find out how to open an account, visit http://www.cdhopkinsmetals.com/