Weak dollar, Greek debt propel gold to 3-week high

Reuters reports gold hit its highest in more than three weeks as worries about Greece’s debt crisis triggered buying by investors looking for a safe place to park assets.

The market news is quoted as saying,

Spot silver was bid at $38.04 an ounce from $37.24 late on Thursday, platinum at $1,785.49 from $1,764.85 and palladium at $755.72 from $751.45.

“We believe that the cash cost of the marginal producer is still the relevant benchmark to judge whether platinum and palladium provide value or not,” Standard Bank said in a note.

“Therefore, the market could trade lower, fundamentally growing value in platinum and palladium on approach of $1,700 and $700 respectively.”

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