Bill Musgrave –  American Gold Exchange

With U.S. markets closed for Presidents Day, gold gained 0.3% to $1,231 in electronic trade as talks between EU finance ministers and Greece over its bailout program ended early without an agreement, sparking safe-haven inflows.

Aid talks in Brussels broke off abruptly, with Greece calling established EU stipulations “absurd and unacceptable,” a development that cast into doubt the nation’s ability to meet its financial obligations once the existing bailout program expires in late February. Greece has until Friday to ask for an extension or be cut off from the $273 billion rescue package that has kept it afloat since 2011.

The other precious metals traded mostly lower in electronic trade, with platinum and palladium slipping 0.1% and 0.6%, respectively, while silver traded unchanged.

In electronic trade: April gold gained $4.30 to $1,231.40; March silver was flat at $17.30; April platinum slipped $2 to $1,207.50; and March palladium lost $5.45 to $789 an ounce.

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