Daily Gold Update

Source: Marketwatch

New York— Gold futures finished 1.7% higher on Thursday, receiving a lift as Europe's plan to help Greece handle its debt crisis didn't apparently involve any sale of gold. Gold for April delivery finished up $18.40, or 1.7%, at $1,094.70 an ounce at the New York Mercantile Exchange. "The European Central Bank has annual gold sales pacts with member banks," said George Gero, metals analyst at RBC, in emailed comments.

But the EU's pledge to help Greece, though it contained few details, led markets to believe that "Greece will be handled without having to sell gold," Gero said. European Council President Herman Van Rompuy read a statement saying that no direct aid will be delivered to Greece but that European governments stand ready to assist the country if needed. The European Commission and the European Central Bank will monitor Greece's budget-cutting efforts — a first assessment will come in March — and the International Monetary Fund will provide technical assistance. See full story.