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Gold Gains on Speculation European Debt Crisis May Spread Beyond Ireland

By Sungwoo Park | Bloomberg.net

Gold climbed for a second day, heading for a fourth monthly gain, on speculation that Ireland’s bailout has failed to stem Europe’s debt crisis and Portugal and Spain may need aid, boosting demand for the metal as a haven.

Bullion for immediate delivery rose as much as 0.2 percent to $1,369.40 an ounce and traded at $1,367.20 at 11:57 a.m. in Seoul. Gold, which ended October at $1,359.40 an ounce, touched a record $1,424.60 on Nov. 9. The February-delivery contract was little changed at $1,368.40 an ounce on the Comex in New York.
There’s “speculation Spain and Portugal could be next to ask for aid, prompting increased safe-haven flows into gold,” Mark Pervan, head of commodity research at Australia & New Zealand Banking Group Ltd., wrote in a report today.

The euro fell toward a two-month low against the dollar, while Spanish and Portuguese bonds dropped on speculation that Ireland’s 85 billion-euro ($113 billion) bailout would not halt the financial contagion. Gold priced in euros reached a record in June when Greece sought a bailout.

“Investors are still very concerned about what happens next, what happens to other countries, what happens to the euro,” said Richard Sichel, who oversees $1.5 billion as chief investment officer at Philadelphia Trust Co.

The Dollar Index, which tracks the currency against six counterparts, dropped as much as 0.2 percent today. Gold typically moves in the opposite direction to the U.S. currency...

To read the rest of this story visit http://www.bloomberg.com/news/2010-11-30/gold-gains-on-speculation-european-debt-crisis-may-spread-beyond-ireland.html

To contact the reporter on this story: Sungwoo Park in Seoul at This e-mail address is being protected from spambots. You need JavaScript enabled to view it

To contact the editor responsible for this story: James Poole at This e-mail address is being protected from spambots. You need JavaScript enabled to view it

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