Gold catches bid as EU peripheral issues wake up

|By:, SA News Editor

Portugal's 4% decline today brings its 7-day dive to 11% as the parent of Banco Espirito Santo reportedly is considering bankruptcy protection. Banco Espirito is off 17% today and more than 50% over the last month.

Spain's IBEX 35 is down 2.4% and Italy's FTSE MIB is lower by 2%.

Gold is higher by 1.5% to $1,344 per ounce and silver by 2.4% to $21.58.

In other news, India disappointed gold bulls by leaving in place recent increases in gold import taxes in its just-released annual budget. The previous government over the last two years had boosted the import tax to 10% from 2% and mandated that 20% of imports had to be re-exported.

GLD +1.1%, SLV +1.9%

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