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Gold hits 2-1/2 week high on euro zone jitters

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Elizabeth Fullerton and Jan Harvey
Nov 30, 2010

Gold rallied 1.4 percent to a 2-1/2 week peak on Tuesday and euro-priced bullion set a fresh record high as concern over sovereign debt levels in the euro zone fueled buying of the metal as a safe store of value.

A weekend rescue package for Ireland failed to assuage investor jitters over the spread of debt problems in the euro zone, analysts said.

Spot gold was bid at $1,384.00 an ounce at 1415 GMT, against $1,368.09 late in New York on Monday, having touched a high of $1,385.85. U.S. gold futures for December delivery rose $18.60 an ounce to $1,384.60.

The euro fell to its lowest in 11 weeks on Tuesday amid persistent concerns over the debt crisis in the euro zone. A consequently stronger dollar would usually weigh on gold, but in times of extreme risk aversion, both can benefit.

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This article was posted: Tuesday, November 30, 2010 at 10:15 am

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