Gold surges, approaches new record

Filed in Bank Gold, Debt, economy, euro, Gold, lead by on May 11, 2010 0 Comments

Gold surged Tuesday, nearly setting another record high, as investors had second thoughts about how much long-term debt relief a European bailout package will provide. Investors returned to safe investments again, a day after stocks and other riskier assets rallied on news that European leaders agreed to a nearly $1 trillion rescue package aimed at helping Greece and other weak European economies manage their debt loads. Gold for June delivery jumped $19.50 to settle at $1,220.30 an ounce. Earlier in trading, gold rose as high as $1,225.20 an ounce, just shy of the record $1,227.50 it set in December. WRH permalink

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Gold surges, approaches new record

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