17
February
Gold jumps most since November
17 February 2010 Bloomberg.com
LONDON: Gold rose the most in more than three months on speculation that Greek debt concerns will spur demand for the metal as an alternative to holding currency.
European finance ministers pressured Greece to rein in budget deficits and refused to say how they would rescue the nation if it can't contain its debt. Gold rose to a record $1,227.50 an ounce last year as central banks in the U.S., the U.K. and European Union kept lending rates low to revive growth.
"There's a lack of faith in fiat currencies that's driving the market," said Matt Zeman, a metals trader at LaSalle Futures Group in Chicago. "There's too many sovereign-debt problems and too many countries printing money. Gold is the only hard asset I'd want to own right now."
