Gold price rises slightly amid euro zone concerns

Gold futures on the COMEX division of the New York Mercantile Exchange rose 0.01 percent on Wednesday, putting an end to a three-session losing streak, amid concerns about the euro zone economy, however, the health of the global economy constrained buyers. The most active gold contract for December delivery rose 0.1 dollars to settle at 1,765.1 dollars per ounce. Gold closed modestly higher on the day but still stuck in a tight trading range as traders worried about the global economy. The euro zone crisis remains a dominant theme in gold trading, as Spain so far refuses to seek help, and recently the International Monetary Fund (IMF) also voiced concerns about the continuing capital flight from euro zone peripheral countries, which provides some underlying support to the gold price, according to market analysts. In a report dated Wednesday, the IMF said if European governments fail to solve the euro zone crisis, the region's banks could be forced to sell as much as 4.5 trillion U.S. dollars of assets. The figure is up from the 3.8 trillion U.S. dollars estimate the IMF made in April. Although it is reported that bullish calls on gold had nearly doubled in the past two months and stockpiles at exchange-traded funds have risen to record levels, however, some analysts say additional monetary-policy easing in the U.S. and other countries was no longer a sufficient catalyst for gold, as global economic growth concerns constrained some buyers. Silver for December delivery rose 12.4 cents, or 0.36 percent, to close at 34.109 dollars per ounce.