Weekly drop for gold despite hike on Greek news

February 20, 2015

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.

Source: BaystreetCommodities

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