Gold Futures Rise on Europe’s Debt Woes, Mounting Egypt Tensions
This article is for subscribers only.
Gold futures rose as Europe’s debt crisis and escalating tensions in Egypt spurred demand for the precious metal as a haven. Silver also advanced.
Two Portuguese ministers resigned in a dispute with Prime Minister Pedro Passos Coelho over handling of government debt, and borrowing costs rose in Spain and Italy. Egyptian President Mohamed Mursi sought to retain power with a call for an interim coalition government just before the expiration of a military deadline that could drive him from office. Gold futures dropped 23 percent last quarter, the most since at least 1975.