The price of gold increased amidst fears and concerns that the crisis with debt-hobbled European banks may become even deeper, Bloomberg reports.
Immediate-delivery bullion increased 0.5 percent to $1,376.20 per troy ounce just before 6 p.m. in Seoul after having lost 3.6 percent last week, the first week of the new year. Three European nations - Portugal, Italy and Spain – announced plans to sell bonds, indications they are struggling in attempts to raise needed funds.
"As soon as we get more talk of problems within Europe, we are going to see some more safe-haven buying," Darren Heathcote, head of trading at Investec Bank Australia, told Bloomberg.
The U.S. dollar had a strong performance when held up against six competing currencies while the euro was trading near its four-month low against the dollar.
One analyst recommended keeping an eye out this for a continuation of advancing prices.
"The softer than expected U.S. non-farm payrolls on Friday was positive news and precious metals might move higher this week," according to a Monday report penned by Tobias Merath, an analyst with Credit Suisse Group AG.
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