Gold And Silver Price Update-Commodities Remain High on Greece Debt Concerns

Gold and silver rose, as continued concerns over Europe’s sovereign debt crisis helped the precious metals to register a rally in their prices. Gold futures increased by 0.01 percent to USD $ 1537.40 an ounce, while silver futures rose by 0.74 percent to USD $ 38.145 an ounce.

The Greek Prime Minister, George Papandreou, announced his resolve of sticking with austerity measures in order to improve the country’s debt crisis, even as his party becomes increasingly unpopular. European financial leaders are working overtime in order to ensure their creditors that a solution to Greece’s debt crisis will be found out soon. Uncertainty regarding the eventual fate of the Euro is expected to push gold and silver upwards in the coming weeks.