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Gold Is Steady as European-Debt Concerns Boost Haven Demand

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Dec. 1 (Bloomberg) -- Gold futures were little changed after climbing to the highest level in more than two weeks as Europe’s debt woes boosted demand for a haven.

Investors are shunning Europe’s highest-rated bonds after bailouts for Greece and Ireland failed to ease concern that the debt crisis will spread. The cost of insuring Portugese, Spanish and Italian bonds rose to records, and gold priced in euros reached an all-time high.

“Gold is swiftly becoming the next reservable currency,” said Dennis Gartman, an economist and editor of the Suffolk, Virginia Gartman Letter.

Gold futures for February delivery were little changed at $1,387.10 an ounce at 11:05 a.m. on the Comex in New York. Earlier, the price reached $1,398.30, the highest since Nov. 12. The metal reached a record $1,424.30 on Nov. 9.

Gold may average $1,500 next year and $1,600 in 2012, Anne-Laure Tremblay, a London-based analyst at BNP Paribas SA, said in a report.

Silver futures for March delivery gained 15.3 cents, or 0.5 percent, to $28.365 an ounce. Before today, the price jumped 67 percent this year, reaching a 30-year high of $29.34 on Nov. 9.

Palladium futures for March delivery rose $22, or 3.1 percent, to $725 an ounce on the New York Mercantile Exchange.

Platinum futures for January delivery rose $12.60, or 0.8 percent, to $1,679 an ounce.

To contact the reporter on this story: Pham-Duy Nguyen in Seattle at pnguyen@bloomberg.net

To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net