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Gold Gains in New York on European Debt Woes, Physical Purchases

October 14 2011, 09:28

FMX|Connect- WWW.FMXConnect.com (Reported on 10/14/2011)

Gold Gains in New York on European Debt Woes, Physical Purchases

Source: Bloomberg

Gold rose in New York and headed for a second weekly advance on concern about Europe’s debt crisis and increasing physical demand ahead of a religious festival.

Standard & Poor’s yesterday downgraded Spain’s credit rating for the third time in three years as slowing growth and rising defaults threaten banks. Nations from China to Brazil are considering increasing the International Monetary Fund’s lending resources to help stem the euro area’s debt crisis, Group of 20 and IMF officials said. Gold is among UBS AG’s three top commodity picks, the bank said today in a report. To read the full article, Click Here.

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