Precious metals rise following Greek debt deal
Posted on February 22, 2012
New York, NY, United States (AHN) – Precious metals continued to move higher Wednesday following Tuesday’s Greek debt deal in which euro zone finance ministers approved a second bailout for the ailing Mediterranean country.
While the deal isn’t expected to solve Europe’s debt problems, investors were able to sigh in relief that a messy and chaotic debt default will not disrupts markets–for the time being, anyway.
Gold ended higher by $32.60 Tuesday, settling at $1757.10 a troy ounce. The white metals, platinum and palladium also enjoyed strong gain. Silver, the gray metal, finished the day sharply higher.
The upward momentum in the commodities spilled over into Wednesday.
Comex April gold futures staged a late day move to finish the U.S. trading session on Wednesday at a fresh three month high. April gold last traded up $13.30 at $1771.80. Spot gold was last changing hands up $9.70 at $1,770.50.
Platinum jumped $39 to $1,721, palladium rose $12.30 to $719 and silver eked out a nickel gain to $34.34.
Investors plunged into gold as a safe-haven buy following rising tensions in the Persian Gulf following the recent news Iran halted oil shipments to some European countries. The other metals, used in the industrial production of a variety of goods and services, continued their ascent on renewed hopes that a global economic slowdown is not on the near horizon.
Profit taking may ease some of the recent gains, but precious metal bugs see the upward trend continuing.
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