Monday, July 25, 2011

Gold at record

Gold climbed to a record in New York and London as U.S. lawmakers failed to reach an agreement on raising the federal debt limit, boosting demand for the metal as a protection of wealth.

U.S. House Speaker John Boehner plans to press ahead with a two-step debt-limit extension that President Barack Obama has threatened to veto, fueling concern the nation is lurching toward a default as early as Aug. 2 and jeopardizing its AAA credit rating. Greece's rating was cut three notches by Moody's Investors Service. Europe's debt woes helped bullion reach all- time highs in euros and pounds last week.

No comments:

Post a Comment