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Gold Prices Rise After Greek Debt Deal Boosts Euro

February 21, 2012 by  

Gold Prices Rise After Greek Debt Deal Boosts Euro

The price of gold rose for a second straight day on February 21, as a rally in the euro spurred by an agreement between European finance ministers and Greece helped to boost the value of the precious metal, Reuters reported.

According to the news outlet, Euro zone finance ministers agreed to a $172 billion bailout for Greece, a move which may help the Aegean nation avoid a chaotic default. Private bondholders agreed to take greater losses and Athens committed to make deep cuts in spending.

"Gold is trading more like the other metals – as a risk asset, rather than a risk hedge," David Wilson, an analyst at Citigroup, told Reuters. "You'd have thought that all the macro issues would be supportive for gold, when looking at U.S. and European debt and a slowing China, but it seems to be largely driven by the dollar/euro."

According to CNN, the price of gold rose $24.20 to $1,750.10 an ounce for April delivery, the most actively traded contract on the New York Mercantile Exchange. This marked an increase of 1.40 percent for the commodity. 

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