Gold Rises to 16-Week High as Portugal Spurs Haven Buying
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Gold futures climbed to a 16-week high as banking concerns in Portugal and a slump in equities boosted demand for the precious metal as a haven.
In Portugal, Banco Espirito Santo SA bonds plunged to records after a parent company delayed debt payments on short-term notes, fueling concern that the euro region remains vulnerable to financial shocks. The Standard & Poor’s 500 Index of U.S. shares fell as much as 1 percent.