Gold & Silver Prices Keep Solid Over Euro Zone Debt Anxieties, Even With US Dollar Bounceback

July 12, 2011 - PRLog -- Spot gold held above $1,550 on Tuesday, as investors fled riskier property to purchase bullion on increasing fears the debt crisis could spread to Italy and other nations in the euro zone. Spot gold had been little changed at $1,554.61 an ounce by 0039 GMT, off from $1,556.59 hit in the prior session, its highest since June 22. U.S. gold gained 0.4 percent to $1,555.10. Visit http://silver-dollar-values.com for more profitable silver and gold tips.

Euro zone finance ministers promised less expensive loans, longer maturities and a more flexible rescue fund on Monday to help Greece along with other EU debtors in a bid to stop monetary contagion engulfing Italy and Spain. Adding to the uncertainties, U.S. President Barack Obama and leading U.S. lawmakers fell short on Monday of discovering sufficient spending cuts to get a deal to avoid an August 2 debt default and Republicans came under fresh pressure to concur to tax hikes.

Spot silver rose 0.7 % to $35.92. It hit a one-month high of $36.89 in the prior session. U.S. silver also gained 0.7 percent to $35.95.

U.S. stocks suffered their worst day in nearly a month on Monday as concern concerning the stalemate in U.S. spending budget talks and growing financial debt problems in the euro zone encouraged traders to hedge in opposition to further losses. The euro struggled to find any buddies in Asia on Tuesday, getting hit a historic low in opposition to the Swiss franc as concerns lingered even after European monetary officials provided fresh actions to tackle the area's sovereign financial debt problems. Go to http://silver-dollar-values.net for more unique silver and gold tips.

Comex gold futures costs ended the U.S. day session greater and hit a fresh three-week high on fresh safe-haven buying interest as the European Union financial debt crisis drags on. Increases in gold had been limited and silver prices were forced by bearish outside marketplaces that integrated a sharply greater U.S. dollar index as well as sharply lower crude oil prices.

The ongoing European Union sovereign financial debt crisis supported gold Monday, on safe-haven demand due to the uncertainty over the issue. Early on this week the focus is on Italy and a few upcoming tension tests on its monetary institutions. Credit default swap spreads have hit record levels early this week as concerns have intensified the EU financial debt issues could morph into a financial debt contagion in Europe or even beyond. The Euro currency was beneath powerful selling pressure Monday around the EU concerns. Last week the EU financial debt crisis emphasis was on Portugal, amid fresh credit agency rating downgrades and cautions. The week before that it was Greece. In the near future, it might be a different EU nation in the debt crisis spotlight. Visit http://www.silver-dollar-values.com for more profitable silver and gold tips.

The U.S. dollar index traded sharply higher Monday and hit a refreshing two-week high on short covering as well as safe-haven demand due to the EU financial debt worries. The dollar index has been trading sideways at lower price levels for two months that is suggestive of a market low being in place. The more powerful U.S. dollar did limit the upside in gold Monday and put solid downside price pressure on silver. Background has shown that both gold and the dollar can rally at the exact same time, throughout keener investor anxiousness in the marketplace.

The market is still digesting Friday's remarkably weak June U.S. jobs report. The much weaker-than-expected non-farm jobs number is bullish for gold, as it has curtailed investor risk passion and steered traders back into the safe-haven assets such as the precious metals markets. Great physical demand for gold lately has also held up the market analysts stated. Today is a great time for you personally to buy gold and purchase silver before the prices rise once more. Get precious metals at the best prices possible today.

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