Gold further hikes amid EU debt concerns

08:32, January 12, 2011      

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Gold futures on the COMEX Division of the New York Mercantile Exchange on Tuesday further hiked on concerns that Europe's debt crisis is deepening, boosting demand for gold as a safe haven.

The most active gold contract for February delivery gained 10.2 dollars, or 0.74 percent, to close at 1,384.3 dollars per ounce.

Market traders noted that the market is very concerned about the way Europe is evolving financially and the expectation of another bailout translates into people seeking safe-haven refuge, especially in gold and silver.

Traders added that Portuguese bond yields may be rising to levels that force the nation to follow Greece and Ireland in requesting a bailout from the European Union and the International Monetary Fund.

Meanwhile, physical demand for gold has picked up ahead of Lunar New Year celebrations in China. Besides, the recent drop in gold prices also contributed to heightened demand.

Silver futures for March delivery rose 63.8 cents, or 2.16 percent, to 29.499 dollars per ounce. April platinum also gained 6. 8 dollars per ounce to 1,745.1 dollars.

Source: Xinhua
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