Gold Prices Rise After Greeks Accept More Austerity
Jessica Menton | Feb 9, 2012 5:55pm EST | 1min:44sec
That news gave the markets a real lift. Crude oil and copper were up and that helped gold and other precious metals. Also ... the euro gained ... at the expense of the dollar ... and that made gold less expensive for people who use non-U.S. currencies. The upshot was a nearly $10 gain in the price of the yellow metal on the Comex.
Silver closed up 21 cents ... while platinum climbed $13.30 and palladium added $6.80 to its price.
Besides Greece ... gold also got some help from the European Central Bank which announced it was keeping its benchmark interest rate at its current low level of one percent. And besides that ... the head of the ECB said he was open to helping Athens with indirect financial support.
Technical analysts said gold prices are facing resistance around $1,720 ... on the lower side ... and $1,750 ... on the upper side.
Shares of gold and silver mining companies were mixed ... but gold and silver backed exchange-traded funds nearly all closed lower today.
