Gold Prices Rise on Greece Debt Woes
Source: The Street, Chao Deng (6/17/11)
"Despite Greece's appointment of a new finance minister, the gold hardly felt relief."
Despite Greece's appointment of a new finance minister on Friday, the gold market hardly felt relief amidst the looming possibility of a euro zone default. Gold gave up some early gains during today's session, but August futures traded up as high as $1542.
Gold on the Comex was last gaining $11.90 to $1,537.70 an ounce. New York spot gold price was increasing by $12.78 to $1541.90 per ounce, according to Kitco's gold index.
The U.S. dollar index was losing 0.6% to $74.97. The euro was slipping 0.8% against the dollar.
Gold mining stocks were moving mostly lower this morning.