Gold on Tuesday, are increasing significantly in value against the background of falling investor confidence in Europe's largest economy - Germany - and renewed speculation about the slow pace of recovery of the world economy.
The December futures for gold at 17:58 Moscow time in the New York Stock Exchange on the Comex rose by 19.9 dollars, or 1,6% - 1 267.0 dollars per troy ounce.
Fears of inhibition of growth "may be another factor that contributes to an increasing interest in gold," said Bloomberg agency vice-president of MKS Finance Afshin Nabavi (Afshin Nabavi).
In addition, according Nabavi, a weak dollar is also supporting the precious metal.
The index of business confidence of investors in the economy of Germany in September fell to minus 4.3 points compared with 14 points in August, which was worse than expectations of analysts, forecast that figure drops to 10 points. In addition, industrial production in the euro zone in July remained at the level of June, which is also worse than forecasts.
Top gold prices also pushed the opening of U.S. stock exchanges in the "red zone" and the weak dollar. At 18:04 Moscow time the leading U.S. stock indexes fall at 0,14-0,23%, and the dollar to a basket of six currencies of countries - major U.S. trading partners - on 0,20% to 81.75 points.
Gold from the beginning of this year increased in price by 14% and can demonstrate the rising cost of the tenth consecutive year that will be the longest period of increasing prices of the 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 engine of growth of prices for the metal has become a debt crisis in Europe.
In periods of 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.
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