NEW YORK (
were rising slightly Thursday as the European Union moved to rescue Greece.
Gold for April delivery was adding $3.20 to $1,079.50 an ounce at the Comex division of the New York Mercantile Exchange. Prices have traded as high as $1,087.50 and as low as $1,072.90. The
was paring its earlier losses and rising 0.21% to $80.20.
Risk appetite for commodities returned Thursday after European leaders at an EU summit said a deal had been reached regarding
Greek debt problems
. Details are scarce, but Germany and France pledged their country's support as well on Wednesday. The news lifted the euro, which pressured the dollar and lifted gold prices.
Tempering gold's upside were lingering fears over the financial fates of Spain and Portugal as well as the lending practices out of China.
reported that the country's consumer prices rose 1.5% in January, which was down from 1.9% in December. The figures cooled inflation expectations and could prompt the banks to start lending again. However, there are concerns that credit will continue to tighten, putting short-term pressure on gold and confining prices to a tight trading range.
"Overall, the mood seems fairly buoyant this morning," says Jon Nadler, senior analyst at kitco.com. "There are some downsides in this ... when we learn the figures about Chinese bank lending for the month of January ... it could well show that the number of loans and volume of loans extended in that month was perhaps as much as in the entire fourth quarter of last year. That could engender a more aggressive stance from Chinese officials to reign in lending and start tightening ... the range remains this $1,060 area
for support ...
and on the upside $1,085 needs to be overcome."
were down 3 cents to $15.26 while copper was up 3 cents to $3.02.
Mining stocks, a more leveraged way to
, were upbeat.
was rising 0.28% to $35.76 while
was flat at $45.40. Other large-cap miners
were trading at $17.49 and $35.98, respectively.
Freeport McMoRan Copper & Gold
were adding 0.34% to $71.31 while
was rising 1.11% to $28.33.
The popular physically backed ETF,
SPDR Gold Shares
was rising 0.37% to $105.53.
Written by Alix Steel in New York
Alix joined TheStreet.com TV in February 2007. Previously, she held positions in film and theater production, management, and legal administration. Alix has a degree in communications and theater from Northwestern University.