NEW YORK (TheStreet ) -- Gold prices were strengthening while silver was flat, as investors weighed gains in the dollar against risks stemming from the European debt crisis.
The markets generally saw precious metals as a more viable safe haven after a selloff in crude oil yesterday, but a strengthening dollar tempered earlier gains in the precious wave.
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Gold for August delivery was gaining $2.60 to $1,528.80 an ounce at the Comex division of the New York Mercantile Exchange. The gold price traded as high as $1,534 and as low as $1,531. New York spot gold price was gaining 60 cents to $1531.20 per ounce, according to Kitco's gold index.
Silver prices were trading flat at $35.48 an ounce while the U.S. dollar index was gaining slightly by 0.2% at $75.68. The euro was losing 0.3% against the dollar after plummeting in value on Wednesday due to escalating fears of instability in Greece. News of a possible resignation of Greece's prime minister as well as riots against the government's latest tax plans sent stocks reeling into the red Wednesday.
"Yesterday, crude oil was seen as a bit of a safe haven but today it has lost its luster, so investors are turning to gold," said Eric Zuccarelli, an independent copper trader. Fear and uncertainty in the markets generally prompts investors to put their bets in gold and silver.
Light sweet crude oil for July was losing 14 cents to $94.67 a barrel today.
