Gold advances as European debt crisis concerns spur demand
Gold advances as concern about Europe's debt crisis spurs demand for the metal as a protection of wealth.
By Bloomberg | Updated:
LONDON: Gold on Thursday advance as concern about Europe's debt crisis spurs demand for the metal as a protection of wealth.
Gold rose 0.3 per cent to USD 1,749 an ounce after reaching USD 1,753.45, the highest level since December 8. Silver was little changed at USD 33.71 an ounce, the best- performing precious metal this year with 21 per cent gains.
The euro was little changed versus the dollar as Greece struggled to reach an agreement with bondholders on cutting the nation's debt burden.
Demand for physical gold from India has been "significantly above average" so far this year, despite higher import duties, Edel Tully, analyst at UBS said today.
The metal climbed 10 per cent in 2011, an 11th consecutive annual gain, as investors sought to diversify from equities and some currencies. It reached a record USD 1,921.15 in September.
Greece and its creditors are locked in discussions over a debt-swap deal for the nation.
Gold rose 0.3 per cent to USD 1,749 an ounce after reaching USD 1,753.45, the highest level since December 8. Silver was little changed at USD 33.71 an ounce, the best- performing precious metal this year with 21 per cent gains.
The euro was little changed versus the dollar as Greece struggled to reach an agreement with bondholders on cutting the nation's debt burden.
Demand for physical gold from India has been "significantly above average" so far this year, despite higher import duties, Edel Tully, analyst at UBS said today.
The metal climbed 10 per cent in 2011, an 11th consecutive annual gain, as investors sought to diversify from equities and some currencies. It reached a record USD 1,921.15 in September.
Greece and its creditors are locked in discussions over a debt-swap deal for the nation.
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