Gold Jumps after Bundesbank Chief Says "Euro Crisis Not Over", Bullion Price "Being Supported by China Demand"

Following days of sideways trading, gold bullion jumped above $1590 per ounce for the first time this month during Tuesday morning’s London session, in what analysts called a “technical” move after gold broke through a key level following remarks from Bundesbank president Jens Weidmann.

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Gold market update for March 12th. In early trading, the yellow metal is rallying on comments reaffirming Eurozone instability and strong Chinese demand. Silver is rallying as well, but both are meeting upward resistance at ~$1590 and ~$29.50 respectively.