Gold extends rally amid concerns over EU debt problem

Gold futures on the COMEX Division of the New York Mercantile Exchange further hiked on Wednesday, extending the metal's rally into the fourth trading day, buoyed up by safe-have demands as investors are nervously awaited the outcome of EU summit. The most active gold contract for Dec. delivery hiked 23.1 U.S. dollars, or 1.4 percent, to 1,723.5 dollars per ounce. Market analysts said that global investors are still less confident that the EU leaders will be able to resolve the financial crisis in Wednesday's EU summit, which spurred demands for gold as a safe-haven investment. European leaders gathered in Brussels to talk about a second bailout for Greece and the recapitalization of regional banks. A trader said that gold has resumed its role as the custodian of safe wealth after following the movement of equity market. Gold has gained five percent so far this week and some analyst predicted that the metal could see its rally last at least through the end of the week. Silver for Dec. delivery rose 25.8 U.S. cents, or 0.78 percent, to 33.31 dollars per ounce. Platinum for January delivery also gained 28.4 dollars, or 1.8 percent, to 1,597.2 dollars per ounce.