LONDON: Gold prices rallied to five-month highs in Europe on Tuesday as doubts over the effectiveness of a Greek bailout and fears of contagion to other euro zone economies prompted haven buying of the metal.
Spot gold hit a peak of $1,188.86 an ounce, its highest since Dec. 4, and was bid at $1,187.55 an ounce at 1010 GMT, against $1,181.40 late in New York on Monday.
Gold priced in Japanese yen hit its highest in 27 years on Tuesday, according to Reuters data.
Japanese yen-priced gold reached a peak of 112,490 yen an ounce and was bid at 112,132 yen an ounce at 1030 GMT, against 111,713 yen late on Monday.
Elsewhere gold priced in Canadian dollars reached its highest since Dec. 17 at C$1,208.12 an ounce, and was later at C$1,203.40 an ounce against C$1,194.19 an ounce.
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