Gold
held a two-day gain as a climb in the dollar paused and concern
increased that Greece may stumble in its bid to avoid default, boosting
haven demand.
Bullion
for immediate delivery was at $1,178.71 an ounce at 8:24 a.m. in
Singapore from $1,176.80 on Tuesday, when prices rose as much as 0.8
percent to $1,183.06, according to Bloomberg generic pricing. Prices
have gained since Monday after three straight weeks of losses.
While
gold is 0.5 percent lower this year as investors gauge when the Federal
Reserve will raise borrowing costs, rising tension between Greece and
its creditors may spur demand for bullion as a haven. A revised plan
submitted by Greece just three weeks before its financial safety net
expires was still not considered credible, according to an international
official familiar with the matter. A Greek default on its obligations
may precipitate the country’s exit from the euro.
The
Bloomberg Dollar Spot, a measure of the greenback versus 10 major
currencies, was little changed for a second day on Wednesday after
dropping 1 percent in Monday. The Fed is scrutinizing data for signs the
U.S. economy can withstand higher borrowing costs, with a retail-sales
report on June 11 forecast to show consumer demand recovering in May.
Gold
for August delivery was unchanged at $1,177.60 an ounce on the Comex.
Assets in bullion-backed exchange-traded products are around the lowest
level since 2009.
Source : Bloomberg
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