Gold prices rose higher than $1,200 (£752) an ounce in Europe today (August 4th), reaching their highest level in more than two weeks.
Reuters reports traders said fund buying in combination with the price breaking through a number of key technical levels saw gold go up by over 1.2 per cent, putting it on target for the largest daily gain in two months.
The news agency states spot gold was priced at $1,200.45 on trading platforms at 13:55 BST, up from the previous level of $1,185.35 an ounce seen in late trading in New York on Tuesday.
Prices have risen for six consecutive sessions, the commodity’s best performance since the end of May.
Ongoing concerns about the strength of the economic recovery in the US led to gold rallying earlier in the day.
Gold is often seen as a safe-haven commodity for investors during times of financial uncertainty.
