Gold moves higher as Greek debt crisis resurfaces

08:42, March 19, 2010      

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Gold futures on the COMEX Division of the New York Mercantile Exchange closed higher on Thursday amid signs of political divisiveness between Eurozone nations over the bailout plan for the debt-strapped Greek government. Sliver and platinum both dipped.

The most active gold contract for April delivery rose 3.3 U.S. dollars, or 0.3 percent, to finish at 1,127.5 dollars.

Greece said Thursday that it prefers assistance from the European Union (EU), but it has to seek help from the International Monetary Fund (IMF) if EU can't agree to a bailout plan next week in case Greece can't afford to borrow from markets.

Germany is reluctant to provide financial help to debt-laden Greece. Angela Merkel, German chancellor denied the Greek bailout plan and stressed on Wednesday that efforts to stem the crisis must originate with Greece.

Investor sentiment was hit by the lack of a concrete solution for the Greece's debt, which bolsters gold price in terms of a quest for safe haven.

May silver dropped 10.1 cents to 17.422 dollars per ounce. April platinum declined 4.6 dollars to 1,631 dollars an ounce.

Source:Xinhua
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