Forex News - The price of gold rose again due to fears of a worsening debt crisis of Europe despite the strengthening dollar could limit the rise in precious metal prices. Global stock markets and the euro slumped after Athens express will not achieve the deficit targets previously set as a prerequisite for the next bailout funds.
" Gold rose despite the stronger U.S. dollar... maybe the appeal of gold as a safe haven asset has been returned. Investors are also looking to do a strategy of buy on dip, " said Natalie Robertson, strategic ANZ. Gold had printed a record in early September due to the emergence of doubts over the ability of Europe to solve the debt crisis. Monetary ECB council member Christian Noyer, uttered not realistic to increase the capacity of the European bailout fund is still open despite the possibility of various schemes to leverage capacity.
" Gold will be strengthened this week with a target range of $ 1,675 - $ 1,700, " said MF Global analyst Tom Pawlicki. " Post- high volatility in September, gold could bounce back, supported by seasonal patterns, European uncertainty, economic slowdown in China, and potential U.S. recession. "
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