World Business
Gold rallies on mounting fear over eurozone debt crisis
(Xinhua)
Updated: 2010-04-28 09:33
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CHICAGO: Gold futures on the COMEX Division of the New York Mercantile Exchange ended higher on Tuesday, lifted by escalating concerns that the sovereignty debt crisis is mushrooming to other debt-plagued eurozone countries. Silver and platinum both closed sharply lower.
The most active gold contract for June delivery rose $8.2, or 0.7 percent, to finish at $1,162.2.
Ratings agency Standard & Poor's lowered Portugal's debt two notches to A- and Greece's debt to junk status on Tuesday , which means Greece was deprived of an investment-grade rating on its bond, and has to pay higher costs to borrow from the market.
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May silver was down 21.8 cents to $18.119 per ounce. July platinum dropped $24.1 to $1,720.9 an ounce.
