New York, June 25: Gold today rose for a second day, as investors bought the precious metal to protect their wealth amid financial market turbulence.
The metal in futures trading rose by USD 6.30, or 0.5 per cent, to USD 1,252.20 an ounce on the Comex in New York. In London for spot trading was 0.7 per cent higher at USD 1,251.55.
The metal cut its weekly loss on speculation that group of 20 leaders meeting this weekend will fail to agree on ways to tackle Europe’s debt crisis, while the cost of protecting Greece?s debt from default rose to a record.
Bullion futures climbed to an all-time high of USD 1,266.50 an ounce on June 21.
With European debt fears at the forefront again and US rates set to remain low for some time, gold will likely gain further support, analysts said in London.
–Agencies