Gold prices rose on a very good note

[gnutrade.satya]

Gold prices rose on a very good note as there was a concern over Europe's economic outlook which lifted risk aversion, knocking stock markets lower for a third session.
M Group analyst Matthew Turner said: "The sovereign debt issue is a perfect thing for gold as a safe haven. It makes investors nervous about the safety of other assets, and raises the chance of both devaluation in some of these countries and inflation across not only the euro zone but the whole world."
The August contract for gold was $8.40 higher at $1,249.20 an ounce.