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 investorâ€™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.
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