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Updated 19:46 19/10/19

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Gold soars 2% on Portuguese banking worries

Adam Pike, News Editor
10 Jul 2014, 3:36 p.m.

The gold and silver price has risen sharply as the solvency of Portugal’s largest bank was put into question. Traders became concerned when Espirito Santo Financial Group missed a debt payment causing stock markets to fall and debt yields to rise. Shares in the bank fell a dramatic 17%.

Yields on Europe’s most indebted countries rose as the news reminded investors the euro zone is still vulnerable to a sovereign debt crisis.

U.S equities also experienced significant declines as the fears in Europe spread to the other side of the Atlantic.

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