Precious metals' prices ran the gamut as a result of strife on the Korean peninsula and a growing list of European nations struggling to navigate through the global financial crisis, Bloomberg reports.
Though gold gained 0.4 percent on Monday after declining slightly more than three percent during the past two weeks, silver for immediate delivery lost 2.7 percent in London. Palladium also decreased 4.7 percent while platinum sank 1.2 percent.
"People are putting money back into metals in a reinvestment wave," Frank McGhee, the head dealer at Integrated Brokerage Services in Chicago, told Bloomberg.
Deficits in Spain and Portugal are believed to be where the European Union will next devote its resources after having secured a bailout package for Ireland and its debt-riddled banks. Two South Korean soldiers were killed and houses were burned after North Korea fired artillery shells on a South Korean island in what was the worst attack in eight months.
"People are shedding risk and going to flight-to-quality assets like gold," Matthew Zeman, a metal trader at LaSalle Futures Group in Chicago, told Bloomberg.
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