Gold is higher at the close of trade this week with the precious metal advancing 1.79% to end the month at the $1600 mark. A massive rally in broader-risk on Friday fueled a 3.06% rally in gold after EU leaders agreed to strip emergency loans granted to Spanish banks of their seniority status which guaranteed up to €100 billion to creditors in the event of a default, an obvious disadvantage to private bondholders.
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