Gold inched higher in most currencies and gained over 0.5% in euros as the Eurozone debt crisis reared its ugly head again and oil spiked over $102 a barrel.

Stocks fell around the world, led by Portugal as the nation’s 10-year bond yield surpassed 8% for the first time since November after two ministers quit the government.

U.S. index futures declined and the FTSE and DAX were down 1.5% and 1.7% respectively.

Portuguese Government Bonds 10 Year Note – YTD 2013

Portugal’s benchmark equity gauge tumbled 7% and the 10-year bond yield surged 12% or 130 basis points to 8.02%. The Eurozone debt crisis is far from over contrary to more complacent sounds in recent months.

Greece has three days to reassure Europe and the IMF that it can deliver on conditions attached to its bailout in order to receive its next tranche of aid, four euro zone officials said on Tuesday.

Gold in Euros - 1 Year

Gold in euros has risen 6% from a low of EUR 906/oz to EUR 963/oz. With the Eurozone debt crisis far from resolved and set to erupt again, gold could find support at these levels.

Crude oil rose above $102 a barrel due to geopolitical risk in Egypt, Turkey, Syria and Israel. Oil climbed on concern that political turmoil in Egypt will disrupt shipments in the Suez Canal.

It is set to be a long hot summer in the Middle East. The region remains a powder keg which could go off at any moment.

There are a few potential Black Swans out there which show the importance of having an allocation to gold in an investment and savings portfolio.

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