Gold firms on growing Greek debt fears

08:28, April 16, 2010      

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Gold futures on the COMEX Division of the New York Mercantile Exchange ended a tad higher on Thursday, benefiting from renewed fears over the Greek debt crisis and upbeat data from China, though the rallied dollar limited its gains. Sliver rose slightly, but platinum dipped.

The most active gold contract for June delivery rose 0.7 U.S. dollars, to finish at 1,160.3 dollars per ounce.

The rumor that Greece may ask for aid from the EU and IMF as early as this month has underpinned investors' concerns that it has become increasingly difficult for Greece to borrow enough money from the market and the financial package as much as 45 billion euros offered by the EU and IMF over the weekend might not satisfy Greece's needs.

The concern over how Greece will pay its debt has helped increase the demand for gold for safe-haven purpose.

Meanwhile, the National Bureau of Statistics of China announced on Thursday that China's economy expanded 11.9 percent year on year in the first quarter, indicating a solid recovery, which has also boosted gold price as demand for gold from China was expected to double in the next decade, and helped dollar-denominated gold shrug off a rise in the dollar's value against euro and finish nearly steady.

May silver was up 1.8 cents to 18.433 dollars per ounce. July platinum dropped 7.9 dollars to 1,726.3 dollars an ounce.



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