Gold reached its highest price in three weeks on Wednesday as fears surfaced once again regarding the stability of the eurozone. Fears were aroused by the recent refusal of Cyprus to accept conditions put forth by the EU for acceptance of an economic rescue plan. This led to the increase of the value of gold and a number of other precious metals.
By 6.47am Greenwich Mean Time, the price of gold reached $1,612.71 per ounce, nearing a three-week high of $1,615.16 per ounce.
There was a majority vote in Cyprus’s Parliament on Tuesday to reject implementing a new tax on bank deposits as a condition for obtaining European aid, a fact which has complicated international efforts to provide economic assistance to the latest victim of the eurozone sovereign debt crisis.
The price of platinum also rose 0.2% to $1,556.74 per ounce, moving up from $1,545.25 per ounce, its lowest recorded price in two months.
The price of palladium also increased by 0.2% to $734.50 per ounce, after previously decreasing 3.9% during its most recent session, the largest single daily loss recorded in the last five months.
The price of silver also rose 0.2% to $28.94 per ounce.