Precious metal prices are climbing as concern about debt in Europe mounts, Bloomberg reports.
February-delivery gold futures increased 0.3 percent, totaling $4.70, to $1,383.90 per troy ounce just before noon on the Comex in New York. March-delivery silver futures also increased 0.3 percent, gaining more than 0.08 cents to $29.215 per troy ounce.
March-delivery Palladium futures shot up 0.4 percent, a $4.40 gain to $743 per troy ounce on the New York Mercantile Exchange. January-delivery platinum futures rose 0.4 percent, a $7.40 increase to $1,706 per troy ounce.
"You still have currency volatility and European debt problems are simmering, so gold is still a viable asset," Frank Lesh, a trader at FuturePath Trading in Chicago, told Bloomberg.
As Ireland's credit rating slipped, the cost of insuring debt held by the French government climbed. When held up against the U.S. dollar, the euro also slipped 0.7 percent.
Moody's Investor Service reduced Ireland's credit rating by five levels late last week. That reduction occurred on the same day the service put Greece on notice for a review that also could result in a credit rating reduction.
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