Gold Advances as Pessimism Grows on Europe Debt-Crisis Outlook
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Gold futures rose for the first time in three days as mounting concern that European leaders won’t be able to agree on steps to stem the region’s debt crisis increased demand for a haven.
A German government official expressed pessimism over the outcome of a summit starting tomorrow aimed at resolving the crisis, and said the country rejects proposals to combine current and permanent euro-area rescue funds. European stocks fell, the Standard & Poor’s 500 Index lost 1.1 percent before rebounding, and the S&P GSCI commodities index dropped as much as 1.4 percent.