Gold rises 0.8% on upbeat economic news

Gold futures on the COMEX division of the New York Mercantile Exchange rose Friday, as continued optimism after the Greek debt swap deadline, positive trading in grain commodities, and continued recovery in the U.S. employment market all boosted the market. The most active gold contract for April delivery rose 12.8 dollars, or 0.8 percent, to settle at 1,711.5 dollars per ounce. Gold notably returned to trading above the 1,700 dollar level Friday, after sharply falling Tuesday and slowly regaining strength Wednesday and Thursday. Although gold traded lower at the start of Friday morning, after some positive signs from the international economy including the monthly Department of Labor release showing no increases in the U.S. unemployment rate, gold regained bullish momentum and settled at a week high. Additionally, investors were generally optimistic after the March 8 Greek debt swap deadline as the Greek government announced that 85.8 percent of private investors had accepted the deal. Gold also might have built on the strength in the commodities market, with corn and wheat finally trading at positive levels after a week marked by declines. Other precious metals also rose Friday on the same positive note. Silver for May delivery rose 38.1 cents, or 1.13 percent, to 34.21 dollars per ounce. Platinum for April delivery gained 28.2 dollars, or 1.7 percent, to close at 1,684.90 dollars per ounce.