Gold Rises, Ends Longest Slump in 10 Weeks, on Haven Demand
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Gold prices rose, ending the longest slump in 10 weeks, as fighting in Libya and mounting European debt concerns spurred demand for an investment haven.
Libyan rebels retreated under fire from Muammar Qaddafi’s troops as President Barack Obama and U.K. Prime Minister David Cameron said they may consider sending arms to the opposition forces. Standard & Poor’s yesterday cut credit ratings for Greece and Portugal. Gold futures reached a record of $1,448.60 an ounce on March 24 amid turmoil in northern Africa and the Middle East and the escalating earthquake disaster in Japan.