Gold prices are heading higher today, thanks to the latest news out of Europe. Greek leaders agreed to austerity measures, and that has the euro soaring -- and pressure on the dollar. Now, instead of defaulting messily in March, Greece will remain intact, and the euro will not be put at risk.

Another bit of news driving gold prices higher is the fact that Britain has announced more quantitative easing. Another 50 billion pounds will be pumped into the economy, in an effort to stimulate growth. The news is gold-positive, since gold is often seen as a hedge against inflation.

With indications that the global economy is ready to recover (including news abou lower unemployment claims in the United States), it is little wonder that gold bugs are enthusiastic. Gold is getting some play as a commodity, as well as an inflation hedge, and it is ready to move higher. 

Greece has reached an austerity deal. Leaders have announced that a deal has been reached, and that Greece will avoid a default in March. The news has been greeted largely with relief in global financial markets.

Spread betting and contracts for differences on the stock market should consider that a rally is beginning. European stocks are higher, with the FTSE 100, DAX and CAC 40 all leading the way. The Stoxx 600 is also higher.

The news is also providing relief to the struggling euro in forex trading. Euro has rallied to break through the 1.33 level against the US dollar on the news that an agreement has been reached and Greece will be bailed out. 

US stocks are on shaky ground today, wavering as investors watch Europe. The situation in Greece has yet to be resolved, and investors are concerned about the outcome.

In the US, though, things aren't looking so bad. Earnings news has been fairly positive, resulting in solid gains for a number of stocks. While some, like Western Union, have proved disappointing, other stocks, like Buffalo Wild Wings, have beat expectations and set new price targets.

For now, though, the news is mostly good. If investors can get over the jitters caused by the European markets, and the situation in Greece, US stock indices are in a fairly good position. 

European stocks are pulling back, paring earlier gains as the session draws to a close. European stocks received a boost in earlier trading, thanks to hopes about a Greek debt deal being accomplished.

However, a Greek deal still hasn't been reached, and there are concerns that it might be delayed further. Hopes that the ECB would help in the situation are fading as concerns that the central bank will wait to see key provisions agreed to before stepping in ramp up.

The result is that the FTSE 100 is barely into positive territory. Other European indices are higher, but not as high as they were in earlier trading. Once again, all eyes are on Greece, and no one knows what will happen next.