Gold for June delivery gained

[gnutrade.satya]

As a downgrade of Greece's debt renewed fears over the Euro zone's financial stability and thus taking the gold prices ended on a bright note on friday. Jason Toussaint, managing director, investment of GLD's sponsor, World Gold Trust Services said : "gold is increasingly being used as a long-term portfolio asset, particularly among institutional investors, such as pension funds. Investors are understanding that the repercussions of the global crisis are far from over. It does point people to focus more on wealth preservation and downside risk protection, and gold is of course a useful tool to address those concerns."
Gold for June delivery was $9 higher to settle at $1,161 an ounce on the Comex division of the New York Mercantile Exchange.