LONDON—Gold prices traded around six-week highs as debt troubles in the euro zone sparked demand for the metal as a perceived safe haven.
The focus has moved from Greece, where politicians on Sunday agreed on the formation of a new coalition government in order to secure a critical European-led bailout for the country, to Italy, where bond yields have soared on concerns over its ability to tackle the debt crisis and there is speculation that Silvio Berlusconi might resign.
Ahead of the New York day, the spot price of gold was up $20.40, or 1.2%, at $1,774.40 a troy ounce. Spot silver was up 30 cents, or 0.9%, at $34.43 an ounce. Spot platinum was up $3, or 0.2%, at $1,636 an ounce, while spot palladium was up $1, or 0.2%, at $655 an ounce.
