Gold may rise for a second day
Tuesday, 24 May 2011
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.