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Gold Climbs, World Markets Fall

Gold increased one percent Monday due global shares weakening as the future of Greece and top consumer China dims.

Gold rose to a daily high of $1,201.30 and was up nearly 1 percent, after having fallen to a one-month low of $1,168.25 on Friday.

U.S. gold futures for February rose 1.3 percent to $1,202.20 an ounce.

Low European stocks and US stocks propelled gold and silver upwards, while other commodities like oil slid. Greece elections later this month are contributing to the European uncertainty.

“What’s happening in the euro zone, particularly concerns over apossible default by Greece … is contributing to an element of short-covering or indeed some safe-haven buying of gold, particularly in euros,” Mitsubishi Corp metals strategist Jonathan Butler said. “That is probably helping offset the strength in the dollar.”

Gold went up to its highest in euro terms since September 2013.

Demand from buyers in China was reflected in higher premiums in London’s gold prices.  All this despite a strong dollar, which went up 0.4 percent against numerous major currencies.

The US Federal Reserve minutes on Wednesday will be picked via for clues on timing thanks to interest hikes.

This trend could continue if continued political uncertainty does not fade.

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