Gold And Silver Prices Rise

February 11, 2010 – Following the news of positive developments towards a resolution of the sovereign debt crisis in Greece, gold and silver prices have climbed today, posting sharp gains on today’s trading. At 3:00 EST, gold prices were up to $1,096.50 rising $24.80 and silver was at $16.67, up a solid 51 cents. Also reacting to the news was the US Dollar Index which fell 0.33 to 80.00.

Metal prices responded early to the positive fiscal news, opening higher on positive trading in Europe. The rise was attributed by many analysts to the announcement by EU President Herman Van Rompuy that the EU pledged to “take determined and coordinated action if needed to safeguard the euro area as a whole.” With providing details, his statement was viewed positively by the international community that had been waiting for a sign that Greece would not be left to default on its debts.

The crisis in Greece has been affecting the gold and silver for several months, as the hardship there was compounded by concerns for Italy, Portugal and Spain, driving down the value of the euro and allowing the US dollar to rise. Even with today’s drop, the dollar is still trading at 80.00 against the baseline group of six currencies; 80.00 has been a key resistance for many investors looking for the dollar to build strength.

With positive news in the EU, metals prices have enjoyed a third strong day this week. Strengthening by the euro, a softening of the recent rally by the US dollar and increased demand by gold and silver, have many analysts looking for precious metals as a whole to enjoy its own rally. 

Shannon King

Senior Staff Writer –

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