Gold rises amid investor unease

Gold rose yesterday, gaining from investor unease over the lack of a solution to the European debt crisis that dented other more industrial raw materials, such as crude oil and copper, ahead of further possibly weak US data. The commodities complex registered its largest daily gain in six months the day before, buoyed by optimism over EU leaders' ability to expand the Eurozone financial rescue fund, although by yesterday, this upbeat mood had faded enough to boost the US currency and undermine dollar-priced assets. Gold, which earlier in the week saw its largest three-day fall in nearly 30 years in a rush for cash by investors, drew strength from the weakness in the equity markets and the fear that European leaders may not be able to ward off a Greek debt default. Some analysts said the metal's reputation as a relatively safe store of value during economic troubles may have been hurt.