Gold
futures rose to the highest in more than a week as world equities
dropped and the dollar headed for the first decline in three sessions,
boosting demand for bullion as an alternative asset.
The
metal also climbed as Greece is expected to hold early elections on
Jan. 25 after Prime Minister Antonis Samaras failed to secure the
necessary votes to hold office. The nation™s ongoing debt crisis poses a
risk to Europe™s economy. Gold priced in euros climbed 13 percent this
year.
Gold
futures for February delivery rose 1.6 percent to settle at $1,200.40
an ounce at 1:54 p.m. on the Comex in New York, after touching
$1,210.90, the highest since Dec. 18. The price is down 0.2 percent for
the year.
The
MSCI All-Country World Index of shares slid 0.6 percent, heading for
the biggest loss in two weeks. The Bloomberg Dollar Spot Index fell as
much as 0.5 percent.
The
yen appreciated versus most of its 31 major peers as the Bank of Japan
said it will increase the length of maturity of the government bonds it
buys.
Source : Bloomberg
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