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The price of gold has become one of the dominant themes in global markets over the past couple of years as the financial crisis unravelled. The Gold wrap reports on the latest trends in the price of the precious metal as well as factors influencing the demand for the safe haven asset.
Gold falls as US dollar gains on Greece concernsFebruary 10 2012, 4:12pm
Gold prices fell this afternoon after Greece’s failure to secure more financial aid from the EU boosted the safe-haven appeal of the US dollar, an alternative investment to the yellow metal.
Greek lawmakers agreed on further austerity measures including wage and pension cuts yesterday, leading traders to expect that euro zone finance ministers would accept the spending reduction plan and unlock a €130 billion bailout package.
However, the plan proposed by the Greek government was rejected by the EU, which demanded further budget cuts of €325 million.
In addition, Greece was told it would not receive more aid if the austerity plan is not passed into law by the parliament.
Without the bailout deal, Greece could go into bankruptcy as soon as next month when it is due to repay a €14.5 billion bond.
Gold traded at US$1,716/oz in early afternoon, down US$12 from Thursday’s close. Other precious metals were headed in the same direction today with silver falling 31 cents to US$33.59/oz and platinum dropping US$11 to US$1,645/oz.
Today’s top risers in the sector were:
Oxus Gold (LON:OXS), up 11.5 percent at 1.3 pence at midday
Orsu Metals (LON:OSU), up 10.5 percent at 13.37 pence
Stratex International (LON:STI), up 5 percent at 9.59 pence
Shanta Gold (LON:SHG), up 5 percent at 31.75 pence
Norseman Gold (LON:NGL), up 3.5 percent at 6.1 pence
The top fallers were:
Triple Plate Junction (LON:TPJ), down 16 percent at 3.95 pence at midday
Kryso Resources (LON:KYS), down 6.5 percent at 32.02 pence
Caledonia Mining (LON:CMCL), down 6.5 percent at 7.25 pence
Frontier Mining (LON:FML), down 6 percent at 3.4 pence
Greatland Gold (LON:GGP), down 6 percent at 1.15 pence
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