Gold Rises for Second Day as Greek Debt Spurs Demand for Haven
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Gold futures rose for the second straight session on concern that Greece will default on its debt, spurring demand for the metal as a haven. Silver climbed.
Today was the original target date for approving an 8 billion-euro ($10.7 billion) loan payment to Greece, the sixth installment of the 110 billion-euro lifeline assembled in May 2010. That decision was pushed back until mid-October. In September, gold tumbled 11 percent, the most since October 2008, as financial turmoil in Europe prompted sales of the metal to cover losses in other markets.