27

April

Gold futures head above $1156 an ounce (GC in MENAFM)

27 April 2010  MENAFN

MENAFN

Gold futures edged higher on Monday amid uncertainties over debt-strapped Greece in the wake of its formal request for help from the European Union and the International Monetary Fund.

"The risk of a serious and contagious sovereign-debt crisis is increasing and understandably this is leading to safe-haven demand for gold. A Western European country has not defaulted on its debt since World War II so the implications of such a default are momentous," wrote analysts at Goldcore Ltd. in a note.

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