Gold rose above $1,390 an ounce in Europe on Wednesday, and hit record highs in euro and sterling terms, as concerns over the spread of the euro zone debt crisis prompted buying of the precious metal as a haven from risk. While the euro's recovery from 11-week lows versus the dollar would usually also lend support to the gold price, safe-haven buying was firmly in the driving seat for the precious metal, analysts said.
Spot gold was bid at $1,392.09 an ounce at 12:21 SA time, against $1,384.94 late in New York on Tuesday. U.S. gold futures for December delivery rose $6.90 an ounce to $1,391.90.The euro firmed versus the dollar after falling more than 1 percent the previous day and 7 percent in November, but sentiment remained fragile in a market waiting to see what policymakers will do next about euro zone debt.
“The recovery in euro has been subtle, with more losses likely in the coming days, as the debt issues haven't abated yet,” said Richcomm Global Services analyst Pradeep Unni. “The gold-dollar positive correlation is back in place.”
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