Gold prices broke a two-day slide Tuesday as traders became more optimistic that Greece would reach a deal with its creditors to restructure its debt.
Gold for April delivery rose $23.50 to settle at $1,748.40 an ounce Tuesday. Silver also rose 44.4 cents to $34.19 an ounce. Other metals were also higher.
Traders were hopeful that Greece would avoid a default next month following news that the government was preparing to brief other European nations on the details of a debt restructuring deal. Investors have been loath to hold riskier assets like commodities while Greece teetered on the brink of default.
March copper rose 1.15 cent to $3.876. Platinum rose $25 to $1,654.80 an ounce and Palladium rose $3.20 to $709.15 an ounce.
Crop prices fell. In March contracts, wheat fell 6.25 cent to $6.6225 a bushel; corn fell 2 cents to $6.4225 a bushel and soybeans fell 1 cent to $12.32 a bushel.
In energy trading, crude oil rose after Iran again threatened to cut off supplies to Europe. Benchmark crude rose $1.50 to $98.41 per barrel on the New York Mercantile Exchange.
Heating oil rose 2.02 cents to finish at $3.1909 per gallon and gasoline futures were flat, finishing at $2.9275 per gallon.
Natural gas prices fell 7.8 cents, or 3 percent, to end at $2.472 per 1,000 cubic feet. Natural gas has been trading near 10-year lows as the nation's supplies remain well above average for this time of year.
Copyright 2012 The Associated Press.
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