25
November
Gold Fluctuates on European Debt Concern, Increased Tension Between Koreas (GoldCore in Bloomberg)
25 November 2010 Bloomberg.com
Gold fluctuated in New York as concerns about Europe’s debt crisis and escalating tensions between North and South Korea boosted demand for a protection of wealth.
Ireland had its long-term sovereign rating cut two steps to A from AA- by Standard & Poor’s, which cited concern about borrowing by the government as the nation seeks aid from the International Monetary Fund and European Union. The United Nations called for talks with North Korea over its shelling of a South Korean island. German business confidence unexpectedly rose to a record high in November.
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“The growing realization that the risk of contagion is real and not going away anytime soon is leading to sustained safe-haven demand,” analysts at brokerage GoldCore Ltd. in Dublin said today in a report.
