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The price of gold rising against the backdrop of the Eurogroup decision to grant Greece a second package of financial assistance amounting to 130 billion euros. Eurogroup on Monday night approved a 130-billion-recommended funding for Greece and the Greekprivate holders of debt of 206 billion euros to write off 53.5% from the nominal value. The intention is to reduce the country's debt to 120.5% of GDP by 2020. In return, Greece agreed to a multiyear program of austerity and structural reform.
The cost of the February gold futures on the COMEX today rose to 1756.6 dollars per ounce.
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