Gold Drives North of $1.7k


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The price of gold was hovering close to the psychological milestone of $1,700 per troy ounce on Friday after having achieved its largest jump in 14 days, according to Bloomberg.

Progress with debt -hobbled Greece helped push up the value of the shared currency of the European Union against the world's reserve currency. The Aegean nation neared finalization of its debt-swap program to acquire its second installment of international bailout aid since June 2010.

"It finally looks as if Greece will pull through, and the sentiment overall is positive," senior research analyst Rick Trotman with MLV in New York told Bloomberg. "The risk -on mentality seems to be back for now."

At 8:19 a.m. on Friday, the price of gold gained 0.15 percent, a $2.50 lift to $1,701.20 per troy ounce.

Reuters reports worries remain regarding other euro zone nations victimized by the sovereign debt crisis, which has been ravaging regional banks, markets and public finance systems for two-plus years. Portugal and Ireland have accepted one bailout apiece while concerns for Spain and Italy are lingering.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: News Headlines , Banking and Loans , Investing Ideas

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