Gold Advances as Escalating Debt Contagion Boosts Haven Demand

Monday, September 12, 2011
By Paul Martin

By Glenys Sim

Gold climbed as investors sought to guard their wealth against a potential default in Greece amid concern the European debt contagion is worsening. Bullion priced in euros and Swiss francs advanced to all-time highs.
Gold for immediate delivery advanced 0.2 percent to $1,859.75 an ounce at 7:29 a.m. in Singapore. It reached a record $1,921.15 an ounce on Sept. 6. December delivery futures in New York, which sometimes move inversely to the dollar, also gained 0.2 percent to $1,862.80 an ounce.

“Nothing changes from week to week, there’s always a lot of uncertainty and we’re definitely going to see a continued interest in gold,” said Gavin Wendt, founder and director of Mine Life Pty. “We do get situations where markets get a little bit complacent and the gold prices drop away because of the latest rescue package or the latest agreement out of Europe but there doesn’t seem to be any progress being made.”

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