Gold failed to break through the US$1,800 per ounce level today under pressure from a rising US dollar, which got a boost from the outcome of a key budget vote in the Italian parliament.
While current Prime Minister Silvio Berlusconi won the vote with 308 votes, he failed to secure an absolute majority, adding to doubts that he does not have enough support within his coalition to lead the country’s efforts to resolve its fiscal problems.
The results of the vote put more pressure to resign on Berlusconi, who was asked to step down before the vote by one of his key allies in the ruling coalition Umberto Bossi.
While making little headway, the yellow metal managed to hold on to the current level of just below US$1,800 thanks to strong safe haven demand, which is stimulated by continuing economic uncertainty in Europe.
Gold traded at US$1,795/oz this afternoon, unchanged from Monday’s closing level. Other precious metals were headed in different directions with silver dropped 10 cents to US$34.88/oz, while platinum rose US$6 to US$1,662/oz.
While current Prime Minister Silvio Berlusconi won the vote with 308 votes, he failed to secure an absolute majority, adding to doubts that he does not have enough support within his coalition to lead the country’s efforts to resolve its fiscal problems.
The results of the vote put more pressure to resign on Berlusconi, who was asked to step down before the vote by one of his key allies in the ruling coalition Umberto Bossi.
While making little headway, the yellow metal managed to hold on to the current level of just below US$1,800 thanks to strong safe haven demand, which is stimulated by continuing economic uncertainty in Europe.
Gold traded at US$1,795/oz this afternoon, unchanged from Monday’s closing level. Other precious metals were headed in different directions with silver dropped 10 cents to US$34.88/oz, while platinum rose US$6 to US$1,662/oz.
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