Gold May Gain as Europe’s Debt Woes Spur Demand, Survey Shows
By Nicholas Larkin - Jun 17, 2011 7:01 AM GMT+0800
Gold may gain as concern about Europe’s debt crisis spurs demand for the metal as a protection of wealth, a survey found.
Fifteen of 23 traders, investors and analysts surveyed by Bloomberg, or 65 percent, said bullion will rise next week. Five predicted lower prices and three were neutral. Gold for August delivery was down 0.1 percent for this week at $1,527.30 an ounce by 11:34 a.m. yesterday on the Comex in New York. It reached a record $1,577.40 on May 2.
The cost of insuring against default on Greek, Irish and Portuguese government debt surged to records yesterday, CMA prices showed. German Chancellor Angela Merkel and French President Nicolas Sarkozy will meet today in Berlin, with pressure increasing for the leaders to reach an accord on a rescue package for Greece.
http://www.bloomberg.com/news/2011-06-16/gold-may-gain-as-europe-s-debt-woes-spur-demand-survey-shows.html
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