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Gold set for best three-day rise in a month

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Amanda Cooper
October 25, 2011

Gold was set for a third consecutive daily rise on Tuesday, benefiting from growing investor optimism over the ability of European leaders to stem the spread of the debt crisis, which restricted gains in the U.S. dollar.

EU leaders are to meet on Wednesday with tentative plans in place for Greece’s debt to be reduced, European banks to be recapitalized and the euro zone’s EFSF rescue fund to be increased to provide partial insurance for sovereign bonds.

Uncertainty about just how close European Union leaders will come to solving the euro zone debt crisis kept many markets trading in a tight range on Tuesday and gold was no exception.

Implied volatility on gold options has fallen to its lowest in over two months this week, having spiked to a 2-1/2-year high in late September, when the price tumbled by as much as 20 percent from a record $1,920.30 an ounce.

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This article was posted: Tuesday, October 25, 2011 at 7:42 am

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