Gold may inch up in price gain for a second day as investors who are worried about the debt burden hanging over Europe and possible default by Greece rush to find safe havens in precious metals. News reports from Melbourne, Australia shows that at about 10.00a.m local time on September 14, gold had gained about 0.2% to reach $1,837.43 per ounce before settling for $1,836.97 at that early morning trading session.
The debt burden is weighing heavily on Europe as ‘’uncertainty pervades the entire European market’’ as noted by Natalie Robertson who is a commodity market analyst at the Australian and New Zealand Banking Group Limited in a phone conversation with the news crew of Bloomberg.com.
Angela Merkel of Germany is reported to have vowed that Greece won’t be allowed to experience ‘’uncoordinated insolvency’’ in order to avoid the backlash on other European nations. In fact, the Prime Minister of Greece, George Papandreou is said to be warming up for a conference call with the German Chancellor and Nicolas Sarkozy of France on September 14 on the debt concerns in Greece and other euro zones as reported by Athens.
Weighed by credit-default swaps standard gauge, experts have hinted that Greece have about 98 per cent chances of defaulting on their debt within the next five years range according to the news report made available by Bloomberg.com.