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Hungary keeps up gold prices

In spite of the declining tendencies, the price of gold remained high Monday morning, after the EU and IMF delegation suspended talks with the Hungarian government.

The price of gold steadied on the Asian markets Monday morning, news agency Reuters reported. According to analysts asked by Reuters, the failed negotiations between the EU and IMF delegation and the Hungarian government have reassured market concerns over Hungary – and thus the European debt crisis –, and it resulted in an increasing demand for the gold.

   Analysts said that apart from the events in Hungary, nothing else seems to back the stagnation of gold prices, which was expected to fall otherwise.

   In the long run, however, analysts expect the gold is ready to ease further to lows last seen in late May of $1,175 per ounce.

   The gold sold for $1,192.74 on Monday morning at 8 am. (Napi.hu)