Gold traders and analysts are the most bullish in at least seven years as investors accumulate metal at the fastest pace since August to protect their wealth from a widening European debt crisis.

Stocks tumbled 3 percent on Wednesday in the market’s worst day since mid-August as a spike in Italian bond yields signaled the European debt crisis had worsened.

Gold futures traded at the highest price since Sept. 22. The metal climbed 6.3 percent in October, rebounding from the bear market in the previous month that saw it drop more than 20 percent from the record $1,923.70 reached Sept. 6

Gold prices could rise next week as the recent, stronger momentum helps to propel prices higher and monetary policy continues to accommodate.

Gold futures rose past $1,750 an ounce Thursday as traders digested the latest wave of news from the euro zone and mixed economic data from the U.S., as well as comments from the Federal Reserve a day earlier.

Federal Reserve Chairman Ben S. Bernanke said unemployment is still “far too high” and the Fed may take further steps to boost growth, such as buying mortgage bonds or changing the way it communicates its policy goals to the public.

Gold’s allure drew speculators back in, who added to bullish futures and options positions, according to U.S. government data released Friday.

“If Europe’s debt crisis subsides, the dollar will no longer benefit from its safe-haven role. If it continues to worsen, investors, particularly in Europe, are likely to accelerate their rush into physical gold, buying bullion coins

Over the past month, gold and silver have remained in a trading range. Gold had difficulties breaking through $1,700, while silver lost momentum as it rose near $33. However, recent developments such as Greece deadlocks and US debt worries have once again returned gold and silver to their rightful safe-haven status.

Technical buying was triggered on the yellow metal’s ascent, accelerating the move and carrying gold to its highest level in more than a month.