Gold is trading at $1,544.39/oz, €1,076.08/oz and £954.27/oz. Gold is marginally higher in most currencies today and on the verge of making new nominal highs in dollars, euros and pounds.
It is holding near record highs as there is no quick end in sight to economic turmoil in Europe after Greece was told to approve brutal new austerity measures to avoid defaulting on its debt. This would threaten the solvency of many western banks and the European Central Bank’s Ordonez (member of the ECB’s governing council) warned this morning that the Greek crisis could have ‘transcendent consequences’.

Originally from The Market Oracle