Gold rises further as commodities climb on Greece bailout

LONDON: Gold today gained for a second day after euro-area finance ministers agreed to award Greece a bailout package, boosting demand for commodities.

The gold gained 0.3 per cent to USD 1,740.27 an ounce, after touching USD 1,743.38, the highest since February 9. The US markets were closed yesterday for the Presidents' Day public holiday.

Silver also rose 0.6 per cent to USD 33.78 an ounce, the best-performing precious metal this year, up 21 per cent.

All six main metals on the London Metal Exchange and oil climbed as debt-stricken Greece won a second bailout after European governments wrung concessions from private investors and tapped into European Central Bank profits to shield the euro area from a precedent-setting default.

Gold prices are up 11 per cent this year after a 10 per cent increase in 2011, an eleventh consecutive annual gain.