Gold Enjoys Eurozone 'Haven' Boost on the Commodities Market

London, London United Kingdom (PressExposure) November 07, 2011 -- Spread betting provider City Index ( takes a look at the financial activity shaping the markets on 7th November 2011.

Gold prices rose today (November 7th) as traders turned to the commodities market as a means of protecting their wealth against the current concerns.

The eurozone reached a new level of chaos after Italy's sovereign debt crisis hit the headlines with borrowing costs up in the region.

With many calling for Burlesconi to resign, uncertainty continues to reign in Europe, despite further news regarding Greece's position.

Prime minister George Papandreou earlier agreed to step down in a move expected to boost the markets. But with Italian borrowing reaching a euro-era record, equities continued to fall leading to a boost in gold trading.

Gold 100 oz futures was trading up 0.67 per cent at $1,767.80 a troy ounce as of 11:18 BST, as traders looked to the traditional safe haven of the commodities markets.

Speaking to Bloomberg, LGY Capital Management analyst Bayram Dincer said: "Gold is responding to the general market mood that the European crisis will develop much worse before it gets better."

"At the moment we do not have a foreseeable lasting solution and high uncertainty remains," he added.

See the City Index Economic Calendar for more information on the latest market moving events.

Spread betting and CFDs are leveraged products which can result in losses greater than your initial deposit. Ensure you fully understand the risks.

Start spread betting:

Start CFD trading:

* Spread betting and CFD trading are exempt from UK stamp duty. Spread betting is also exempt from UK Capital Gains Tax. However, tax laws are subject to change and depend on individual circumstances. Please seek independent advice if necessary.

About City Index

Today more and more individual traders are discovering the benefits of derivatives, and many of them are discovering them through a City Index trading platform.

As a group, we transact in excess of 1.5 million trades every month for individuals in over 50 countries worldwide. We provide access to a wide range of instruments including margined foreign exchange, CFD trading and, in the UK, financial spread betting.

We constantly look to widen the range of assets we offer, improve the performance of our platforms and expand the range of services we provide. The result is that our customers benefit from innovative trading tools with transparent pricing, competitive spreads, and a high standard of customer service and support.

Visit for more information

Press Release Source:

Press Release Submitted On: November 07, 2011 at 11:00 am
This article has been viewed 57845 time(s).