Gold Advances to One-Week High as European Debt Crisis Spurs Haven Demand

Bloomberg reports gold futures rose to the highest in more than a week as the European sovereign-debt crisis spurred demand for the precious metal as a haven.

The market news is quoted as saying,

The U.S. Treasury has said Congress must raise the $14.3 trillion debt ceiling by Aug. 2 to avoid a government default on loans.

Monetary policy will “remain accommodative for at least the next couple of months,” said Tom Pawlicki, an analyst at MF Global Holdings Ltd. in Chicago. “The inability of the dollar to maintain its safe-haven status is potentially supportive for metals.”

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