Gold Prices hit 4 month high

Gold Prices have reached their highest value in four months, following the lowering of Greece and Portugal's credit rating.

Demand for the precious metal increased as its safe haven qualities became increasingly attractive to investors following the lowering of the two countries' credit ratings by Standard and Poor's, according to the Daily Telegraph.

The downgrade will have significant implications on the fiscal opportunities open to investors concerned with the two markets.

Following on from Portugal's downgrade, Gold Prices surged from $1,145 an ounce to $1,172.60.

Meanwhile, Reuters reports that Gold Prices reacted positively to the news that an aid package was being lined up for the troubled Greek economy.

The news provider states: "Gold supported by a euro rise on news that a euro zone/IMF aid package for Greece is imminent."

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