Gold rises above $1,220 on euro zone debt fears

On Tuesday, Gold hit five-month highs, rising to within $5 of its December record peak as risk aversion returned on doubts over smaller euro zone countries’ ability to cut their deficits despite a $1 trillion aid package.

The press release is quoted as saying:

Spot gold hit a peak of $1,223.90 an ounce, its highest since early December, and was bid at $1,221.80 an ounce at 1402 GMT (10:02 a.m. EDT), against $1,201.90 late in New York on Monday.

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