Gold and Silver Price Update-Gold Advances over Europe’s Debt Concerns

Gold bullion increased for the first time after three days today, as concerns about Europe’s sovereign debt crisis increased the demand of the metal as a safe-haven. Gold for June delivery rose by 0.20 percent to USD $ 1493.60 an ounce.

The increase in the demand of gold was spurred by growing concerns over whether Greece

would be able to avoid defaulting on its debts or not. European finance ministers are contemplating on extending Greece’s repayment schedule, while an official bailout package for Portugal has also been agreed.

Meanwhile, silver futures increased by 0.07 percent to USD $ 34.155 an ounce.