The price of
was mildly climbing in
on Monday, according to published reports.
demonstrated a healthier performance than the yellowish metal, The
Wall Street Journal
. Gold resumed driving toward the milestone price of $1,600 per
Underwhelming economic data will continue pushing up the price of
bullion, according to a client note penned by Goldman Sachs, cited
by The Journal.
"We expect gold prices to climb as subdued U.S. growth reduces the
market's expectations of real rates," the note states.
At 11:02 a.m. on Monday, gold futures were down 0.33 percent, a
$5.30 drop to $1,586.10 per troy ounce.
Benefiting gold futures early during Monday trading was the
aftermath of Spain requesting aid for its hobbled
over the weekend. Ministers of the 17-bloc region agreed to lend
the nation hosting the euro zone's fourth-largest economy 100
billion euros, which is equivalent to roughly $125 billion.
Independent audits are forecast to determine how much the weakened
Spanish banking sector is needing in about one week, Reuters
officials in Madrid said.
The nation is the next in line for the voracious appetite of the
crisis that has seen Ireland, Portugal and, on two occasions since
June 2010, Greece solicit and receive bailout aid. Greece is
driving toward a second round of elections next weekend after the
first shot in early May did not produce a victor.
Gains for platinum were up 1.92 percent, palladium 1.81 percent and
silver 0.61 percent, The Journal reports, noting another
house predicts an uplifting atmosphere on financial markets will
continue benefiting the yellowish metal's counterparts.
"Silver, platinum and palladium are profiting even more than gold
from the general brightening of sentiment on the financial
markets," states a client note authored by Commerzbank. "That said,
those precious metals with a high industrial use had also seen much
heavier losses in recent months."
The sovereign debt crisis has been attacking euro zone nation
banks, markets and public
systems for the past 30 months. But the euro debt scourge also is
partially responsible for pushing bullion ot its record price of
$1,923.70 per troy ounce, which was established in early September
of last year.
The yellowish metal is in the midst of driving toward a 12th
consecutive year of annual gains.