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Gold Seen Gaining as Europe Debt Crisis Increases Demand

Gold futures rose the most in more than a week on demand for a haven amid signs that Europe’s debt crisis is deepening.

The cost of insuring against default on Spanish sovereign bonds rose to a record as the nation struggles to rescue its ailing banks. The European Union said that Italy’s high government debt and sluggish economy make the country more vulnerable to the region’s financial crisis. Global equities tumbled, and the euro dropped against the dollar.

“We are seeing some safe-haven buying in gold,” Phil Streible, a senior commodity broker at R.J. O’Brien & Associates in Chicago, said in a telephone interview. “People are looking at something tangible like gold to store their wealth.”

Gold futures for August delivery rose 0.9 percent to settle at $1,565.70 an ounce at 1:44 p.m. on the Comex in New York, the biggest gain for a most-active contract since May 18.

Silver futures for July delivery climbed 0.7 percent to $27.983 an ounce on the Comex, the third gain in four sessions.

On the New York Mercantile Exchange, platinum futures for July delivery fell 1.9 percent to $1,401.20 an ounce, the first decline in four sessions. Palladium futures for September delivery rose 0.1 percent to $606.50 an ounce, a third straight increase.

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