Gold Prices Rise On Greece Debt Woes

With the possibility of a Euro zone default, mostly due to Greece's financial troubles, Gold has been trading slightly higher today while silver investments remained mostly flat.

By Chao Deng
06/17/11 - 12:01 PM EDT

NEW YORK (TheStreet ) -- 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.

July silver futures were flat at $35.70 an ounce.

Gold mining stocks were moving mostly lower this morning. Kinross Gold(KGC) was losing 1% to $15.09 while Yamana Gold(AUY) was gaining 1% to $11.38. Other gold stocks, Agnico-Eagle(AEM) and Eldorado Gold(EGO)were trading at $61.91 and $13.86, respectively.

--Written by Chao Deng in New York.

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