Gold prices surge on concerns about Greece’s debt; grains rise while energy falls
By APWednesday, April 7, 2010
Gold prices surge amid concerns about Greece debt
DENVER — Investors worried about Greece’s financial crisis are turning to gold.
Market analysts say traders are using gold as a hedge against the euro, which is wobbling on Greece’s latest debt worries. Gold and silver both settled higher.
Greece’s borrowing costs rose and its stock market retreated Wednesday. Investors worry that the country could default on debt. A Greek default would be a serious blow to the 16-nation euro.
In other commodities trading, wheat, corn and soybeans all settled higher and energy prices retreated.
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