Gold rose for a second
day on concern that a standoff between the new Greek government and its
creditors may worsen, with German Chancellor Angela Merkel signaling
little willingness to compromise over bailout conditions.
Bullion for immediate
delivery advanced as much as 0.5 percent to $1,245.36 an ounce, and was
at $1,243.90 at 11:27 a.m. in Singapore, according to Bloomberg generic
pricing. Prices, which gained 0.4 percent on Monday, haven™t posted a
back-to-gain daily gain since Jan. 16.
German leaders said
they won™t extend more assistance to Greece without strings attached,
and the impasse risks leaving Europe™s most-indebted state without
funding by the end of this month, when the current bailout expires.
Greece will seek about 10 billion euros ($11.3 billion) in short-term
financing to stave off the cash crunch, according to a government
official who asked not to be identified. Bullion rose 5 percent in 2015,
after two years of losses, as investor holdings expanded .
Holdings in global
exchange-traded products backed by gold increased on Monday to 1,678.21
metric tons, the highest level in four months, according to data
compiled by Bloomberg. Assets expanded in January for the first time
since July.
Gold for April
delivery rose 0.2 percent to $1,243.80 an ounce on the Comex. Silver for
immediate delivery added 0.4 percent to $17.062 an ounce. Spot
palladium increased 0.4 percent to $783.17 an ounce, while platinum rose
0.2 percent to $1,220.63 an ounce.
Source : Bloomberg
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