Gold Settles at Highest Level in Nine Years

Gold prices rose on Tuesday and settled near its highest level in nearly nine years, after the European Union (EU) approved in its latest summit a new recovery fund.

In addition, the US Congress is expected to pass a new trillion dollar stimulus package.

Despite an improvement in risk appetite and gains by stock markets, the precious metal was able to extend its gains, maintaining its rising streak and the majority of its daily gains.

Gold futures for August delivery gained 1.5% or $26.5 and settled at $1,843.90 per ounce.

This is the highest closing level for the benchmark gold futures since September 2011.