Gold Gains for Third Day as Europe Concern Boosts Haven Appeal
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Gold gained for the third straight session, the longest rally this year, on concern that the European crisis may worsen, increasing the appeal of the precious metal as a haven.
Fitch Ratings cut Italy’s credit rating by one level on March 8. Physical demand prospects out of China remain positive in the weeks ahead, UBS AG said in a report on March 8. Gold is down 5.8 percent this year, after 12 straight annual gains, on mounting confidence that economies are recovering.