Gold futures rose to an 11-week high due to the increased probability of the introduction of new measures by the European Central Bank to resolve the ongoing debt crisis in the region.

Also, market participants are awaiting publication of the minutes of the meeting FOMC, which is expected tomorrow, and may shed light on how soon do another round of quantitative easing.

Rising gold prices accelerated after breaking key technical resistance level at a value of $ 1633 per ounce, causing automatic buy orders amid bullish signals on the chart.

Also positively influenced by the price of gold today conducted auction of treasury bills in Spain. It is learned that Spain has placed T-bills in the amount of 4.515 billion euros against the planned 3.5-4.5 billion euros

Meanwhile, investors expect a series of upcoming meetings of the leaders of the euro zone, amid hopes that they will give us something to help solve the debt crisis.

The cost of the August gold futures on the COMEX is now 1637.5 dollars per ounce.