July 20 (Bloomberg) -- Gold futures rebounded from the lowest price in eight weeks on demand for a haven. Earlier, the metal touched $1,175.10 an ounce, the lowest level since May 21. The euro fell as much as 0.8 percent on renewed debt concerns in Europe. Gold surged to a record $1,266.50 on June 21 and also reached all-time highs last month in euros, U.K. pounds, and Swiss francs. “It’s a good time to buy gold while it’s on sale,” said Matt Zeman, a trader at LaSalle Futures Group in Chicago. “For buy-and-hold types of people, fiscal irresponsibility is too widespread to completely trust fiat currencies.” Gold futures for August delivery rose $9.30, or 0.8 percent, to $1,191.20 at 10:51 a.m. on the Comex in New York. Before today, the price gained 7.8 percent this year. --Editors: Patrick McKiernan, Daniel Enoch 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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