Gold rises above $1,100/oz on sovereign debt fears
Published on Mon, Mar 15, 2010 at 15:38 | Source : Reuters
Updated at Mon, Mar 15, 2010 at 16:14
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Gold rises above $1,100/oz on sovereign debt fears
Gold prices rose back above USD 1,100 an ounce in Europe on Monday as concern over sovereign debt fuelled buying of the precious metal as a haven from risk, with technical factors also supporting the market.
Gold prices rose back above USD 1,100 an ounce in Europe on Monday as concern over sovereign debt fuelled buying of the precious metal as a haven from risk, with technical factors also supporting the market.
A report from Moody's Investors Service said on Monday the credit ratings of the world's four largest triple-A sovereign debt issuers - the United States, UK, France and Germany, plus Spain were safe, but risks to their blue-chip status had grown.
Risk appetite was also dampened by a currency spat between China and the United States. Chinese premier Wen Jiabao on Sunday spurned calls for the yuan to rise and showed no let-up in scolding the United States over recent bilateral tensions.
"Gold prices are likely to react to any increase in trade or currency-related friction between the US and China, we believe," said HSBC in a note.
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