Arab Today, arab today gold rebounds as europe debt woes trigger demand
Last Updated : GMT 21:53:08
Arab Today, arab today
Arab Today, arab today

Gold rebounds as Europe debt woes trigger demand

Arab Today, arab today

Arab Today, arab today Gold rebounds as Europe debt woes trigger demand

London - Arabstoday

Gold rebounded from its biggest drop in a week in London as concern about Europe\'s debt crisis spurred demand for the metal as a protection of wealth. Standard & Poor\'s on Monday cut Italy\'s credit rating, adding to concern Europe\'s debt crisis will raise borrowing costs for countries in the region. Gold, which dropped 1.8 per cent on Monday as the dollar strengthened against six major currencies, reached a record $1,921.15 (Dh7,050) an ounce on September 6. \"Continued concerns over Eurozone sovereign debt are likely to drive gold higher before policymakers are forced to take more effective action,\" Bjarne Schieldrop, Oslo-based chief commodity analyst at SEB AB, wrote yesterday in a report. \"Under current circumstances, a long position in gold is highly recommended.\" Immediate-delivery gold gained $10, or 0.6 per cent, to $1,788.68 an ounce by 9:26am in London. Gold for December delivery was 0.7 per cent higher at $1,790.90 on the Comex in New York. Italy follows Spain, Ireland, Portugal, Cyprus and Greece as euro-region countries having their credit ratings cut this year. The European Central Bank last month started buying Italian and Spanish government bonds after the region\'s debt crisis pushed their yields to euro-era records. Greek Prime Minister George Papandreou\'s government was expected to hold another call with European Union and International Monetary Fund officials later yesterday in a bid to secure a sixth instalment of rescue funds, amid concern austerity measures demanded are deepening a three-year recession and making it harder for the government to meet its deficit goals. \"There is scope for gold to rally as Europe\'s problems cannot be settled overnight and Italy\'s rating downgrade is an example of this,\" said Zhang Qian, an analyst at Haitong Futures, China\'s largest brokerage by registered capital. Federal Reserve officials began a two-day meeting yesterday and may decide to replace some of the short-term Treasuries in the Fed\'s $1.65-trillion portfolio with longer-maturity debt. Bullion: 11 years of gains Bullion is in the 11th year of a bull market, the longest winning streak since at least 1920 in London, as investors seek to diversify away from equities and some currencies. The metal is up 26 per cent this year, outperforming global stocks, commodities and Treasuries.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today gold rebounds as europe debt woes trigger demand Arab Today, arab today gold rebounds as europe debt woes trigger demand

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today gold rebounds as europe debt woes trigger demand Arab Today, arab today gold rebounds as europe debt woes trigger demand

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque

GMT 17:28 2017 Thursday ,18 May

Saudi stocks rise in heavy trading

GMT 21:37 2017 Wednesday ,17 May

US Stocks Close Mixed

GMT 04:58 2017 Wednesday ,17 May

Tadawul index gains 0.7%

GMT 06:20 2017 Tuesday ,16 May

Tadawul index climbs 0.6%

GMT 13:43 2017 Monday ,15 May

Oman share index declines marginally
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday