Gold climbs as euro rebounds

10:22, April 24, 2010      

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Gold futures on the COMEX Division of the New York Mercantile Exchange ended much higher on Friday, as debt-plauged Greece requested its eurozone neighbors and IMF to initiate the bailout plan which worth 45 billion euros. Silver rose, but platinum dipped.

The most active gold contract for June delivery rose 10.8 U.S. dollars, or 0.9 percent, to finish at 1,153.7 dollars

Greek prime minister's appeal to the IMF and its European partners on Friday to tap the emergency aid has attracted global intentions. And Germany's promise that the country is ready to make its contribution to the financial package for Greece has somewhat eased worries about European nations' debt crisis, particularly in Greece, and put upward pressure on euro, which has earlier sunk to the weakest point against dollar since April 2009. The decline in dollar has increased gold's appeal as safe-haven.

Meanwhile, the U.S Commerce Department said on Friday that sales of new single-family homes jumped sharply in March, rising 26.9 percent compared with February, and beating previous estimates. The above-consensus U.S. new homes data has lifted investor appetite for higher risk assets such as commodities.

Gold price also received a boost from the rebounding oil price, as investors usually purchase gold as a hedge against oil-led inflation.

May silver was up 18.3 cents to 18.192 dollars per ounce. July platinum dropped 2.5 dollars to 1,741.7 dollars an ounce.

Source: Xinhua


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