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Gold, Euro and Stock Markets Rise due to Greece Bailout Approval

By on February 21, 2012

Equity markets across Europe and in America have continued their rebounding streak, thanks to the approval of a second bail-out for Greece.

The German DAX was up 1.46% as of 12:30 Eastern time, yesterday. Also the Stoxx was up 1.19% as of 17:03 Eastern Time yesterday.

Also up yesterday was  London’s FTSE  (+0.68%). The Euro also continued its climb up against the dollar by 0.24% as of 1:39 am this morning.

The price of Gold which is inversely related to the value of the dollar has also shot up due to the fall in the price of the dollar as the Euro continues to ascend due to the bail-out package approved by European leaders.

According to Reuters, “Spot gold inched up 0.1 percent to $1,735.49 an ounce by 0319 GMT. U.S. gold gained 0.7 percent to $1,737.20.

The dollar lost 0.5 percent against a basket of currencies after the Greek bailout deal. A softer dollar makes commodities priced in the greenback cheaper for holders of other currencies.”