Gold Price Today: Gold Rises to $1,191.30 per Ounce

The gold price rose 0.6 percent to hit $1,191.30 an ounce on Tuesday as investors responded to a decline in European stock markets, according to Reuters. Poor stock market performance is generally a boon for commodities like gold, as they offer a safe haven from market fluctuations.

The metal’s rise could quickly be reversed, however. Commerzbank AG (ETR:CBK) analyst Carsten Fritsch told the news outlet, “[o]nly one factor needs to switch sides to tip the balance.” An improvement in the dollar’s value against world currencies or a rebound from the European stock exchanges could drive the gold price lower in the near future.