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Greek Concerns Push Precious Metals Higher

April 21, 2015 at 18:05 by Vladimir Vyun

Gold futures rallied today as concerns about the situation with Greece made investors seek safe assets. Other precious metals rallied as well with the exception of palladium. Prices rose even though the same risk-averse sentiment pushed the dollar higher. Yesterday, the rally of the US currency led to a big slump for gold.

Greece is running out of money, and its creditors are becoming restless as there are no signs that the country is going to make reforms necessary to avoid default. It looks like nobody wants the indebted country to leave the eurozone, but at the same time nobody is willing to compromise. There is a possibility for Greece to default while staying in the eurozone, but many economists think that it would be even worse scenario that a simple exit of the country from the currency union.

June futures for delivery of gold gained by $8.4 (0.65 percent) to $1,201.50 per troy ounce as of 17:55 GMT on COMEX today after falling more than $14 yesterday. May futures for silver went up 0.64 percent to $15.99 per ounce. Spot price for platinum added 0.23 percent to $1,151.63 per ounce. Meanwhile, palladium fell 0.17 percent to $773.25 per ounce.

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