Metal and energy prices rise as demand for goods grows, European leaders pledge to help Greece
By Stephen Bernard, APThursday, February 11, 2010
Commodities rise on demand growth, Greece bailout
NEW YORK — Metal and energy prices are rising as demand remains strong and as European leaders pledge to help Greece with its debt problems.
Gold, in particular, is getting a boost Thursday after European leaders said they would support Greece. George Gero, vice president at RBC Global Futures, said there had been concerns in the market the International Monetary Fund might step in to provide a rescue package for Greece.
The IMF typically suggests countries sell gold reserves to help pay off debt. European leaders are less likely to push for the sale of gold, which reduces risk of oversupply, Gero said.
April gold rose $18.40 to settle $1,094.70 an ounce.
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