Euro zone crisis to push gold prices higher

Gold prices on both the international and Korean markets are expected to continue rising as renewed worries on the euro zone, sparked by Italy’s financial woes, prompt investors to scurry for safer assets, data showed Yesterday.

On Tuesday, the contract for December delivery hit $1,799.2 per troy ounce on the Comex division of the New York Mercantile Exchange, hitting a near seven-week high. The price closed slightly lower on Wednesday but continued to hover near the $1,800 level.

Demand for the precious metal also increased in Korea, with the retail price settling at a five-week high of 253,000 won ($226.6) per don on Nov. 9, according to Korea Gold Exchange. The don (3.75 grams) is a Korean unit used to measure gold.

Yonhap