Gold rose, heading for the first gain in three sessions, on speculation that Europe?s sovereign- debt crisis will boost demand for the precious metal as a haven.
The euro fell to a two-month low against the dollar after a bailout for Ireland failed to ease concern that the region?s debt crisis will spread. Before today, gold gained 24 percent this year, touching a record $1,424.30 an ounce in New York on Nov. 9.
?If your currency is declining in value, there?s a move to get into something that will hold its value, and gold is that instrument at the moment,? said Frank Lesh, a trader a FuturePath Trading LLC in Chicago.
Gold futures for February delivery rose $2.60, or 0.2 percent, to $1,366.90 an ounce at 11:48 a.m. on the Comex in New York. Earlier, the price fell as much as 0.7 percent. In the previous two sessions, the metal lost 1.1 percent.
Silver futures for March delivery rose 14.8 cents, or 0.6 percent, to $26.92 an ounce on the Comex. Before today, the metal jumped 59 percent this year.
Palladium futures for March delivery rose $13.65, or 2 percent, to $692.50 an ounce on the New York Mercantile Exchange. Before today, the price surged 66 percent this year.
Platinum futures for January delivery slipped $2.30, or 0.1 percent, to $1,642.90 an ounce. The metal has climbed 12 percent this year through Nov. 26.
To contact the reporter on this story: Pham-Duy Nguyen in Seattle at pnguyen@bloomberg.net
To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net
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