London: Gold Monday climbed to the highest level in almost six weeks as concerns about Europe's debt crisis spurred demand for a protection of wealth.
The gold gained 10.10 dollar, or 0.6 percent, to USD 1,676.75 an ounce, the highest since December 13. Silver also rose 1.6 percent to USD 32.71, the highest in six weeks. It's the best-performing precious metal this year with a gain of 17 percent.
The dollar fell versus the euro before European officials meet to push ahead with plans to tackle the region's debt crisis that started more than two years ago in Greece.
The metal climbed 10 percent in 2011, an eleventh consecutive annual gain, as investors sought to diversify from equities and some currencies. While gold slid 13 percent since touching a record USD 1,921.15 dollar in September.
European Union finance ministers meet in Brussels Monday to discuss a Greek debt swap, new budget rules and a financial firewall to protect indebted states.
First Published: Monday, January 23, 2012, 20:42