Gold Rises to $1,209.71 an Ounce

Gold rose 0.5 percent to $1209.71 today, according to Reuters, having earlier hit a high of $1,214.40. As oil prices continued to fall and impact equities, investors sought a safe haven in gold. Worries about Greece’s economic future also contributed to this trend.

“There are some factors that are playing in gold’s favor right now,” Julius Baer analyst Carsten Menke told Reuters. “We’ve had these issues in Greece again, and talk about Grexit. In 2011, when the euro crisis struck, this was of course a big driver of the gold market, so some people are moving back into gold because of this.”

U.S. gold futures for February delivery rose $4.40 to trade at $1,208.40 per ounce.