LONDON, Jan 11 (Reuters): Gold steadied around one-month highs Wednesday after a break above a key technical level and evidence of strong demand from major consuming nations supported the market, although a retracement in the euro pulled the price below the day's highs.
Gold has risen by 1.5 per cent this week, in line with a modest pick-up in the euro, which is battling against fresh concerns about the ability of several euro zone nations to fund themselves.
The gold price vaulted above the 200-day moving average around $1,635 an ounce Tuesday, which prior to December's sell-off had marked an important level of support, but since then has acted as stiff overhead resistance.
Gold toys with one-month highs as demand blooms
FE Team | Published: January 12, 2012 00:00:00 | Updated: February 01, 2018 00:00:00
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