Daily Gold Update

Source: Bloomberg

London— Gold gained to a one-week high in London on demand for a haven as concern about Greece�s debt burden fueled speculation that the global economic recovery might falter. European finance ministers meet today under pressure from investors to spell out concrete measures to rescue Greece. The U.S. Dollar Index, a six-currency gauge of the greenback�s value, was little changed today after last week dropping for the first time in a month. Bullion typically moves inversely to the U.S. currency.

�Sovereign debt concerns should continue to provide background support,� James Moore, an analyst at TheBullionDesk.com in London, said in a report. �With the role and stability of the euro being seriously questioned, we could see a broader shift by investors toward hard assets, particularly gold.� Gold for immediate delivery rose $6.69, or 0.6 percent, to $1,100.06 an ounce at 4:20 p.m. local time and earlier jumped to $1,102.55 an ounce, the highest since Feb. 4. Prices gained 2.5 percent last week, the first climb in five weeks. See full story.