Gold Advances past $1600 Level

The price of gold advanced close to $20 an ounce late in European trading yesterday, eventually reaching as high as $1610 an ounce. With many investors still uncertain about how the upcoming elections in Greece will affect the rest of the euro-zone, gold has seen gains in recent days due to its status as a safe-haven asset. Turning to today, any announcements out of the euro-zone may impact the price of gold. With the debt situation in Italy being closely eyed by investors, any negative news out of the country may result in the precious metal extending its current upward trend.

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