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Gold Prices Rise On Renewed Greek Concerns

November 3, 2011 by  

Gold Prices Rise On Renewed Greek Concerns

The price of gold popped due to renewed speculation concerning Greece and the eurozone default. Worries that the referendum for the country is dead increased following a move by the European Central Bank to ease monetary policy, The Street reported.

According to CNN, the price of gold for December delivery, the most actively traded contract, rose $22.90 to $1,752.50 an ounce, marking an increase of 1.32 percent.

"Given the scale of the European and global debt crisis, the slowing U.S. and global economy and heightened macroeconomic, monetary and systemic risk — a move back to $1,800 seems likely — possibly in November," Mark O'Byrne, CEO of GoldCorp, a bullion dealer, told The Street.

The concern arose following a move by French President Nicholas Sarkozy and German Chancellor Angela Merkel, as the two leaders gave Greece an ultimatum concerning a decision to stay in the eurozone. The news outlet reported that a failure to decide would result in a stoppage of bailout money from the collective union.
 

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