Gold prices on Tuesday slightly increased by the aggravation of concerns about the financial stability of banks in Europe after the statements of the Association of German Banks, according to data trading.
December futures for gold during trading in New York Stock Exchange on Comex at 12.46 Moscow time has risen in price on 0,05% - to 1,251.6 dollars per troy ounce.
On the eve of the Association of German Banks said that the ten largest banks in Germany may need additional capital amounting to 105 billion euros at the introduction of the third part of the Basel Committee on Banking Supervision Basel-3. This sum will need a German credit and financial organizations to achieve the level of capital adequacy at 10%.
Analysts suggest that because of the desire of investors to invest in more reliable assets after this message, gold could reach new maximum marks.
"We can not say whether this will happen today or tomorrow, but the likelihood of new record highs in gold prices higher," - lead agency Bloomberg analyst opinions on Commodities Tong Yang Securities Inc. Lee Suk-Jin (Lee Suk Jin).
Gold can be demonstrated by the rising cost of the tenth consecutive year that will be the longest period of increase in prices of metal, at least since 1920. Rise in price of gold in recent years was due to growing instability in global financial system, the economic crisis, and since the beginning of this year, the main driver of rising prices for the metal has become a debt crisis in Europe.
During the crisis in the economy of the gold is particularly popular with investors, who see it as a more reliable alternative to volatile currencies and subject to severe fluctuations in shares of companies. In most cases the gold in the period of instability in the global economy helps investors not only to preserve free cash flow, but also increase them.
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