New York Mercantile Exchange gold futures closed up 11. Among them, the February gold rose $ 10.2, or 0.7%, to close at 1,384.3 U.S. dollars / ounce.
HSBC Bank (HSBC) analyst James Steel said that while the ETF for partial settlement, but the gold market is still able to achieve higher, boosted by hedging demand for gold strong dollar is clearly greater than the negative impact on gold.
In addition, the market focus is the successful financing of Portugal was forced to accept the European Union (EU) and the International Monetary Fund (IMF) assistance.
Analysts said European countries of different responses to the debt crisis of the gold market will result in different effects.
French Foreign Trade Bank (Natixis) commodities analyst Nic Brown said: "European countries to address the debt burden in two ways. The first is to raise more money to bail out inflation, in which case investors choose to hold gold; But the other is to adjust the government borrowing with fiscal austerity, in which case investors into the gold market will eventually leave. "