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Gold leads rally in metals as Greece concerns ebb

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Gold leads rally in metals as Greece concerns ebb

Gold prices topped $1,160 an ounce Friday for the first time in nearly three months as concerns about Greece’s financial crisis abated.

Silver and industrial metals also rose while energy and grains prices were mixed.

Greece’s debt problems have worked to gold’s advantage this week as investors worry that the crisis could hurt other European countries and undermine their shared currency, the euro.

Those concerns eased somewhat when Greece’s finance minister said Friday that they were working on details about how to implement a previously announced plan to help Greece if the need should arise.

Those comments followed comments on Thursday from European Central Bank President Jean-Claude Trichet who said a Greek default was “not an issue.”

“The resolution of Greece for the moment … has helped the euro climb up and that’s helped all of the metals,” RBC Global Futures analyst George Gero said.

Commodities and the dollar typically move in opposite directions. A weaker dollar can make commodities, which are priced in dollars, more appealing to overseas buyers.

The ICE Futures US dollar index, which measures the dollar against six currencies, fell 0.54 percent…

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