Dubai Debt Deal Steadies Gold
Reports today indicate that spot gold prices have steadied after recent uncertainties with news that Dubai is to receive a bailout from its neighbour, Abu Dhabi. The news of the $10 billion bailout after the financial collapse of Dubai has increased confidence in the gold market but weakened the dollar.
Dubai plans to use a proportion of the bailout to repay the debts at Dubai World. The news has settled investor’s nerves and now they are continuing to buy gold.
Spot gold rose to a high of $1,127 an ounce before easing back to $1,123.50 as the markets fluctuated.
Related posts:
Link to this article: : http://www.goldmadesimplenews.com/gold/dubai-debt-deal-steadies-gold-420/
Posted by GoldMadeSimple on Dec 14 2009. Filed under Gold News.
You can follow any responses to this entry through the RSS 2.0.
You can leave a response or trackback to this entry
