Gold climbed 2 percent

Gold prices rise sharply following the rise in world stock market indices in the background waiting speedy solution to the debt problems in Europe. Stock indexes in Europe are growing at 3-5%, the U.S. stocks increased by more than 3% in expectation of harmonization of the European Financial Stability Facility (EFSF), including the markets of government bonds. The European Financial Stability Facility may insure the bonds of debt-stricken countries with guarantees of 20 percent to 30 percent of each issue, depending on financial markets, according to EFSF guidelines that finance ministers will discuss this week.

Rising gold prices in 2010 to 30% was a record for the third quarter of 2011 gold has risen in price by 8% in October - 6%. Ten-year growth in the value of the metal has become the longest, at least since 1920.

Investors will be watching closely on Tuesday for the Ministerial Meeting of the eurozone, which may adopt the rules of the European Foundation for financial stability. Their approval would allow the fund to $ 440 billion euros to attract funds from investors.

Aggregate reserves backed by gold ETF funds last week increased by 300,500 ounces to a record 69.978 million, even though on Friday inflows to mutual funds because of a holiday in the United States was not observed.

Analysts warn that the rise in gold prices may be short-lived as investors are wary, fearing the influence of the debt crisis in the eurozone. Rating agency Moody's Investors Service warned that the rapid development of the debt and banking crisis threatening the eurozone government bond ratings of all European.

Today, December gold futures trading on the Comex in New York increased to 1722.4 dollars per troy ounce.