Gold leaps to 2010 peak on safe-haven buying

Gold futures jumped up to a 2010 high on Friday, as safe-haven buying returned to the market, while US crude oil marked its third straight monthly gain, on expectations for a US economic recovery. Expectations of growing demand propelled US copper prices higher, and hog futures surged on talk of tight supplies. Gold jumped nearly 6 per cent in April, its biggest one-month rise since November 2009 as downgraded credit ratings of Greece, Portugal and Spain triggered risk aversion buying. The precious metal climbed above $1,180 an ounce on Friday as investors sought it as a flight to safety amid the euro zone sovereign debt crisis, dealers said. Michael Daly, gold specialist at futures broker PFGBest, said gold tends to outperform other commodities in times of crisis, and the currency of choice is gold for investors who worry about fiat currencies. "In the last few days, it has almost turned into panic-type buying. Every time you hit the wire, the European crisis worsens, and it's worsening day by day," he said. "Gold is taking on a leg of its own right now. It's a flight to safety."