METALS STOCKS
May 30, 2011, 3:50 p.m. EDT
Gold at three-week high on Greek woes
Gold legal currency in Utah, with other states considering the move
By Virginia Harrison, MarketWatch
NEW YORK (MarketWatch) — Gold futures on Monday rose to a three-week high as ongoing concern about Greek sovereign debt heightened the safe-haven appeal of the metal.
Gold for August delivery GCQ11 +0.23% , the most-active contract, rose $2.50, or 0.2%, to $1,539.8 an ounce in electronic trade on the Comex division of the New York Mercantile Exchange.
Silver also moved higher, with the July contract SIN11 +1.17% rising 23 cents, or 0.6%, to $38.09.
In Athens, Greece’s government on Monday readied to unveil billions of euros worth of new spending cuts and tax hikes, to be unveiled in coming days, as public demonstrations against the new measures continued.
Late Sunday, the Financial Times reported European leaders are trying to negotiate a new bailout for Greece that would bring wider outside intervention in the country’s financials.
Last week, gold prices gained 1.8%, with buying supported by concerns about euro-zone debt levels and a weaker dollar, which can encourage investment in dollar-priced commodities such as metals.
G-8 throw weight behind Arab Spring
The Group of Eight major economic nations throw their weight behind the Arab Spring, intensifying the pressure on Libyan strongman Moammar Ghadhafi and pledging billions for fledgling democracies. Video courtesy of AFP.
U.S. floor trading was closed Monday for the Memorial Day holiday.
The dollar index DXY -0.50% , which measures the greenback against a basket of six other major currencies, stood at 74.954 versus 74.911 late Friday. Read more about currencies.
Virginia Harrison is a MarketWatch reporter based in SydneyFor More GoTo....
http://www.marketwatch.com/story/gold-futures-fall-but-silver-moves-higher-2011-05-29?siteid=yhoof
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