Gold
futures rose from a three-month low amid concern that a provisional
agreement to extend aid to Greece will unravel, boosting demand for
haven assets.
Eurogroup
Chairman Jeroen Dijsselbloem said on Sunday that the list of measures
that the Greek government proposed as part of its four-month aid accord
were “far” from complete, and the country probably won’t receive an aid
disbursement this month. Gold snapped the longest slump in 11 weeks.
The
metal dropped 5.2 percent in February as euro-area finance ministers
approved Greece’s economic package to extend the nation’s bailout
accord. On Friday, gold tumbled the most since December 2013 to erase a
2015 gain after a report showed the U.S. jobless rate fell to the lowest
in almost seven years, increasing speculation that the Federal Reserve
will raise interest rates soon.
Gold
futures for April delivery climbed 0.2 percent to settle at $1,166.50
an ounce at 1:39 p.m. on the Comex in New York. The metal dropped in the
previous five sessions, the longest slump since mid-December. On
Friday, the price touched $1,162.90, the lowest for a most-active
contract since Dec. 1.
Source : Bloomberg
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