Dhaka, Bangladesh (BBN) – Gold prices crossed US$1,700 an ounce on Friday as concerns lingered about Europe’s financial problems even after strong participation in Greece’s bond swap.
The Gold price hovered around $1,710 an ounce as stronger US Dollar weighed on market sentiment and investors watched the latest developments in the Euro Zone debt crisis.
During midweek, Gold prices fell and held around $ 1,700 an ounce after China cut its economic growth targets. Moreover, a possible Greek default also led to this fall in price.
However, some analysts said that the metal looked oversold and was poised for a rebound. The week ended with Gold prices moving up, snapping a three-day losing streak, as hopes for a new U.S. asset-purchase program and better prospects facing Greece’s debt deal boosted risk appetite.
BBN/SSR/AD-10Mar12-10:00 am (BST)