Futures Market News
Gold futures rise as euro ticks up
Mar 08, 2012 12:35 PM
The world's reserve currency was slumping for a second consecutive day against the common currency of the European Union on Thursday as Greece drove toward finalizing the debt swap that is likely to prevent the nation from defaulting on financial obligations.
"It finally looks as if Greece will pull through, and the sentiment overall is positive," senior research analyst Rick Trotman with MLV in New York told the news service. "The risk-on mentality seems to be back for now."
At 11:54 a.m. on Thursday, gold futures climbed 0.67 percent, an $11.20 lift to $1,695.10 per troy ounce.
The precious metal's climbs were tempered by halts to the euro's climb, Reuters reports. The monetary unit's upward drive came to a close as a consequence of the European Central Bank reducing regional forecasts for growth while also indicating that it no longer will be as active in taking on the sovereign debt crisis.
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