Gold Rises in London on Demand for Alternative to Slumping Euro
This article is for subscribers only.
Gold rose in London on demand for an alternative investment to the slumping euro.
The euro fell against 14 of 16 currencies as the European Central Bank warned of “concerns” about Irish legislation to fix its banking system. Gold assets in exchange-traded products, or ETPs, rose 0.7 percent to a record 2,113.2 metric tons as of Dec. 17, according to data collected by Bloomberg from 10 providers. Gold prices have jumped 26 percent this year as ETP holdings climbed almost 18 percent.