Commodity Daily News

Gold Price Spikes on Increased Risk Aversion

The price of Gold found solid support this past week despite the rising strength of the US dollar, the currency in which such assets are valued. Precious metals bear their name as a result of their traditional store of value in times of uncertainty. Gold has been trading with rather mild price action since June, but traders have been awaiting price resurgence due to the rampant increase in risk aversion due to rising tensions from Greece and faltering debt talks out of the US.

As investors seek safety, the value of gold, which has been seen trading with mixed results, jumped to an all-time high of $1623.95 per troy ounce. A sudden jump in dollar values due to this week's risk averse environment has so far done little to suppress this price movement as gold serves as a traditional store of value. Should risk sentiment hold steady this week, the prices for this precious metal may continue to find support as the week moves ahead.