Gold Falls in New York on Easing Concern Over Europe’s Debt

- January 12th, 2011

Bloomberg reports that Gold futures fell for the first time this week on easing concern that Europe’s fiscal crisis will spread, eroding the appeal of the precious metal as a haven.

Bloomberg reports that Gold futures fell for the first time this week on easing concern that Europe’s fiscal crisis will spread, eroding the appeal of the precious metal as a haven.

The market news is quoted as saying:

Portugal’s borrowing costs fell and German Chancellor Angela Merkel signaled the country would aid the region’s indebted nations. Yesterday, Japan said it plans to buy bonds issued by Europe’s financial-aid funds, joining China in providing assistance. Gold rose 30 percent last year, touching a record $1,432.50 an ounce, as Greece and Ireland received bailouts.

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