Gold may rise for a second day

FE Team | Published: May 24, 2011 00:00:00 | Updated: February 01, 2018 00:00:00

LONDON, May 23 (Bloomberg): Gold may gain for a second day in London as deepening concern over Europe's sovereign debt crisis spurs demand for the metal as a protection of wealth. Standard and Poor's last week cut Italy's credit-rating outlook to negative from stable, citing slowing economic growth and "diminished" prospects for a reduction of government debt. Fitch Ratings lowered Greece's long-term debt ranking to four notches below investment grade. Bullion climbed to a record priced in euros.