This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Gold Higher On Greece Limbo

STEVE ROTHWELL

Precious metals advanced Wednesday after the European Union failed to agree on more Greek aid and traders greeted news of a cease-fire between Israel and Hamas militants with skepticism.

Gold for December delivery rose $4.60, or 0.3 percent, to finish at $1,728.20 an ounce. Silver for December delivery gained 42 cents, or 1.3 percent, to end at $33.35 an ounce.

European Union officials couldn't reach a deal that would enable the payment of the next batch of rescue loans to Greece. That's prolonging the uncertainty over the future of the debt-stricken country and the 17-member eurozone.

Traders are also skeptical that a cease-fire between Israel and Hamas to end a week of fighting will hold.

"We've had a surge in open interest in gold in the last couple of days," said George Gero, vice president at RBC Global Futures in New York. "The European Union hasn't been able to agree on anything except where to sit around the table."

The price of copper fell 2 cents, or 0.6 percent, to $3.50 a pound, and has fallen since reaching a high of $3.98 for the year in February amid concern about the slow pace of global economic growth.

"We are seeing nothing happen with copper because of the slow recovery, and the reconstruction because of Superstorm Sandy hasn't begun yet," Gero said.

In other metals trading, palladium for January rose $12.95, or 2 percent, to $651.30 an ounce. Platinum gained $10.90, or 0.7 percent, to $1,583.90 an ounce.

The price of oil rose despite the announcement of a cease-fire agreement to end a week of fighting between Israel and Hamas militants. Benchmark oil rose 63 cents to finish at $87.38 a barrel. It climbed as high as $87.89 in the morning.

Oil fell nearly 3 percent Tuesday, as rumors of a potential cease-fire spread. The fighting had raised concerns about oil supply from the Mideast.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,416.85 +225.48 1.31%
S&P 500 2,021.25 +19.09 0.95%
NASDAQ 4,683.4070 +45.4130 0.98%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs