Gold for February delivery rose $3.40 to close at $1,726.30 an ounce at the Comex division of the New York Mercantile Exchange on relatively light volume. The gold price has traded as high as $1,727.90 and as low as $1,704.90, while the spot gold price was up $8, according to Kitco's gold index.
All markets breathed a sigh of relief Friday after 26 of the 27 European Union nations agreed to tighter fiscal unity, giving up some sovereignty. Countries that don't meet deficit reduction targets or don't keep their budget deficits to 3% of gross domestic product will be penalized, but the details are still being worked out.
Among the other highlights, euro countries will contribute 150 billion euros to the International Monetary Fund along with 50 billion euros from other European countries.
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