Weekly drop for gold despite hike on Greek news
New York (Feb 20) Gold futures rose Friday, lifted by anxiety over Greece's debt standoff with its euro-zone partners, but the yellow metal remained on track for a fourth consecutive weekly decline.
Gold for April delivery rose $5.10 , or 0.4%, to $1,212.70 U.S. an ounce on Comex. March silver advanced nearly six cents , or 0.4%, to $16.44 U.S. an ounce.
Gold found modest support as euro-zone finance ministers prepared to meet Friday in Brussels in another attempt to work out a deal that would avert a default and potential euro exit by Greece .
Greece and Germany remained at odds ahead of the meeting after Berlin dismissed the Greek government's request to extend its existing loan agreement by six months. Greece's current bailout plan expires on Feb. 28 . Greece's newly elected government has refused demands by Germany and other euro-zone creditors that it agree to extend the conditions tied to its 240-billion-euro ( $273-billion U.S.) bailout agreement.
Gold remains on track for a 1.2% weekly decline. Gold felt pressure earlier this week, dropping Wednesday to its lowest level since Jan. 2 , as the Lunar New Year holiday in China kept buyers away.
In other metals trade, March copper fell 4.2 cents , or 1.6%, to $2.578 U.S. a pound.
March palladium fell $5.85 , or 0.7%, to $780.95 U.S. an ounce, while April platinum lost $7.90 , or 0.7%, to $1,164.40 U.S. an ounce.