Gold rose in price based on news from Italy

On Friday night, gold rose in price on concerns about the impact of political events in Italy on the situation with the debt of the country. According to the trading data at 21:31 Moscow time, the value of the June gold futures rose by $3 to 1,292 dollar 40 cents per troy ounce, while on the same day in the morning the prices for precious metals declined. The growth of geopolitical risks increases the demand for gold, which is considered a safe asset, which leads to its appreciation. Analysts at Commerzbank believe: “The crisis in Italy can have an effect more significant than in Greece. As a result, gold can get support”. According to the media, the program approved by the Italian parties “League” and “5-Star Movement” contains, in particular, an offer to the European Central Bank to write off 250 billion euros of foreign debt from Italy.

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