24 May '11, 8am

Gold firms to 2-wk high as euro debt worries linger

SINGAPORE (Reuters) - Gold firmed to its highest level in almost two weeks on Tuesday on worries that Europe's debt crisis was spreading out of control, sending euro-denominated bullion to a record above 1,081 euros an ounce. Gold may challenge a record high hit earlier this month as negative ratings actions on Greece and Italy as well as regional election results in Spain raise concerns about a deepening of the euro zone's debt problems, adding lustre to bullion's safe-haven appeal. Spot gold added $1.89 to $1,517.94 an ounce by 0543 GMT, having hit an intraday high at $1,518.46 an ounce, its strongest since May 11. Bullion was still below a lifetime high of $1,575.79 an ounce struck in early May. "The market is so unsure as to what the outcome of all the various meetings that are going on in Europe, whether or not they are going to come to an agreement for restructure or...

Full article: http://sg.news.yahoo.com/gold-firms-2-wk-high-euro-debt-w...

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