11
May
Gold, Silver Extend Advance as European Sovereign-Debt Concern Resurfaces
11 May 2011 Bloomberg.com
Gold and silver extended their advance as faster-than-forecast inflation in China and a resurgence of Europe’s sovereign-debt crisis increased demand for precious metals as a store of value.
Immediate-delivery gold gained as much as 0.5 percent to $1,524.40 per ounce, climbing for a fourth day after last week’s 4.4 percent slump, and traded at $1,523.43 at 2:03 p.m. in Singapore. Silver futures, which shed 27 percent last week, increased as much as 2.2 percent to $39.33 an ounce.
