Gold Seen Gaining as Europe Debt Crisis Increases Demand
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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.