Gold advanced fluctuated on Tuesday trading amid hopes and fears before the European second summit on Wednesday as some believes that European leaders are coming closer to launching a comprehensive plan on Wednesday while others see that there are still some hurdles. Still, the main focus is on the European summit results after discussions that took place on Saturday. Also on Wednesday, German Chancellor Angela Merkel is looking forward to approving the expansion of the European Financial Stability Facility (EFSF) firepower in lower house of parliament for new EU summit measures. Juergen Trittin, co-leader of Germany’s opposition Greens Party, said European leaders are seeking to recapitalize banks with roughly 100 billion euros while bolstering the EFSF to more than 1 trillion euros. Moreover, data from the U.S. showed that home prices slipped 3.8% from August 2010. Spot gold is traded around $1677.46 an ounce after recording a high of $1670.68 and a low of $1634.31. Gold is heading for a monthly incline in October on hopes European debt crisis will be resolved after the sharp drop witnessed in September. Crude oil for November delivery advanced to trade around $93.00 barrel compared with the day's starting level of $91.77. In the FOREX market, the U.S. dollar pared its earlier drop against a basket of major currencies, where the dollar index is currently hovering around 76.30 compared with the day's starting level of 76.07. Among other precious metals, sliver edged up to $32.11 from the day's opening of $31.73, platinum fell to $1547.25 from $1553.25 and palladium soared to $639.25 from $643.50 as of 14:22 GMT.
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