Gold firms after Greece rescue package eases default fears

08:31, April 13, 2010      

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Gold futures on the COMEX Division of the New York Mercantile Exchange ended a tad higher on Monday, as the EU's plan to help Greece ameliorate its fiscal problems lifted euro against the dollar. Sliver and platinum both rose.

The most active gold contract for June delivery rose 0.3 U.S. dollars to finish at 1,162.2 dollars per ounce.

Eurozone authorities agreed over the weekend on a 30-billion- euro package of three-year loan, and the IMF is expected to provide a further 15 billion euros in the first year, if Greece requested help. The interest rate carried by the loan is lower than what private lenders had been demanding to hold Greek debt recently.

The huge rescue package calmed investors' fears of a possible near-term default, and improved investors' outlook for the economies of the eurozone. Euro surged and let dollar hover near a one-month low against the euro. Gold rallied on softening dollar as investors consider gold as a hedge against dollar.

May silver rose 6.3 cents to 18.414 dollars per ounce. July platinum was up 12.0 dollars to 1,739.4 dollars an ounce.



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