Gold Prices spike due to sovereign debt problems

Gold Prices have risen to their highest point in 2010 thanks to concerns over the financial predicament faced in Greece.

That is according to Reuters, which suggests that concerns over the possibility of the southern European country's debt issues moving across Europe had fuelled interest in the commodity.

The news provider states: "Gold broke through $1,190 an ounce for the first time since early December on Thursday as fears Greece's sovereign debt problems could spread to other euro-zone economies fuelled a cross-currency rally in the precious metal."

Meanwhile, the Wall Street Journal made specific reference of the safe haven quality of the yellow metal, which would have acted as the main attraction to investors.

It said: "Gold futures hit a fresh five-month high as continuing worries about euro-zone debt push investors into the metal as a perceived safe haven."

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