Gold rises on lingering Greece debt woes

08:21, March 16, 2010      

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Gold futures on the COMEX Division of the New York Mercantile Exchange closed higher on Monday as investors continued to worry about seeking a concrete solution for debt-laden Greece. Sliver and platinum both rose.

The most active gold contract for April delivery rose 3.7 U.S. dollars, or 0.3 percent, to finish at 1,105.4 dollars. Euro zone finance ministers gathered Monday for a two-day meeting in Brussels to discuss whether to guarantee Greek debts. Although German and French finance minister both said over the weekend that they do not expect any definite decision to be made during the two- day meeting, which caused investors to remain cautious before a formal announcement, and increased gold's demand as safe-haven.

Meanwhile, Moody's Investors Service warned Monday that the U.S. and Britain could see a downgrade of their top AAA credit rating, which triggered investors to pull back from riskier assets and sought safety in gold.

May silver rose 6 cents to 17.108 dollars per ounce. April platinum rose 7.4 dollars to 1,615.8 dollars an ounce.

Source: Xinhua
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