Gold prices rise as buyers go for safe-haven assets

GOLD prices pushed higher yesterday, while platinum group metals took a heavy hit with other industrial metals, as investors feared a second economic slowdown could be triggered by European credit woes.
Gains in gold were stunted by the euro’s losses to near four-year lows against the dollar.

Meanwhile, platinum and palladium fell sharply, resuming the slide seen last week, as investors took fright at a further drop in the euro and equity markets, and industrial end-users held out for lower prices.

US gold futures for June delivery rose $4 to settle at $1,198 an ounce. Spot gold was bid at $1,199.95 an ounce against $1,190.05 late in New York on Monday.

It hit a session high over $1,200 in early trade. Platinum fell around three per cent to a low of $1,478.25, but was later bid up to $1,510.00 an ounce against $1,526.50 on Monday.