Gold and silver futures, which have served as a haven for wobbly currencies during recent financial convulsions, are expected to continue climbing after a third rating agency downgraded Greece's sovereign debt, Bloomberg reports.
Reminding investors of the ongoing sovereign-debt crisis tearing through European banks, Fitch Ratings on Friday lowered Greece's credit rating to junk, following the route already paved by Standard & Poor's and Moody's Investors Service. The European Central Bank and the International Monetary Fund last year bailed out Greece and Ireland.
"The Greece downgrade is helping gold," Hwang Il Doo, a senior trader at Korea Exchange Bank Futures Co. in Seoul, told Bloomberg. "Uncertainties around the region are boosting the metal, helping it emerge from weakness since the start of the year."
The value February-delivery gold futures, for the first time in three days worth of sessions, increased 0.7 percent to $1,361.20 per troy ounce just before 1 p.m. in Chicago. February-delivery silver slipped 0.1 percent to $28.30 per troy ounce shortly after noon in Chicago.
March-delivery platinum dipped 7.7 percent to $1,805.70 per troy ounce shortly after noon in Chicago. Palladium for March delivery increased 1.85 percent to $792.35 per troy ounce.
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