By Laura Mandaro, MarketWatch
SAN FRANCISCO (MarketWatch) -- Gold futures rose early Tuesday, getting a lift from renewed worries over a spreading debt crisis in Europe as Spanish bond prices plunged.
Gold for December delivery (GCZ10 1,382, +16.10, +1.18%) jumped $18.60, or 1.4%, to $1,384.60 an ounce. Silver and copper also rallied.
Trading focused on events in Europe, where the euro tumbled and Spanish government bond yields soared as investors bet the European Union would have to bail out another member -- or make some changes to the way it manages deficits. Read more on Spanish yields.
Gold benefited from the safe-haven trade, rising to a record in euros, according to analysts, and shouldering a rise in the U.S. dollar.
The U.S. dollar traded at $1.30 per euro (EURUSD 1.3012, -0.0113, -0.8611%) , down from $1.3121 in late North American trade Monday. Earlier it fell below $1.30 for the first time since mid-September.
The gold rally is being fostered by “nervous and anxious holders of euro currencies and Far East buyers nervous about Korean problems,” wrote George Gero, precious metals strategist for RBC Capital Markets.
The price in euros rose to a record €1,052 per ounce, said Commerzbank.
U.S. stocks opened lower, as Europe debt concerns spilled into the U.S. markets. The Dow Jones Industrial Average (DJIA 10,993, -59.22, -0.54%) recently traded off 94 points.
