Gold prices touch 5-month high as Europe debt crisis lingers

13:43, May 08, 2010      

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Gold futures on the COMEX Division of the New York Mercantile Exchange extended Thursday's gains on Friday, hitting a new five-month high on safe-haven buying as worries on Europe debt woes hanged around.

The most active gold contract for June delivery gained 13.10 U. S. dollars, or 1.1 percent, to finish at 1,210.40 dollars. Shortly before closing, the contract hit another high of 1,214.90 since early December 2009.

Europe's debt woes continued lingering above the markets, leaving safe-haven buying still under way, although Germany's parliament approved its rescue package for Greece after a bitter debate.

Investors are afraid that Greece may not make a May 19 deadline to make a debt repayment. What's more, investors' fear is far beyond Greece while a further loss of confidence in resolving European sovereign debt problems could have impacted other weak countries like Portugal.

The U.S. economy saw encouraging news in employment market The Labor Department said on Friday that the U.S. economy added 290, 000 non-farm jobs in April, much better than economists' expectations of 185,000. But unemployment rate climbed to 9.9 percent, slightly higher than 9.7 percent economists have been anticipating.

July silver soared 93.6 cents to 18.451 dollars per ounce.



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