Gold Futures Advance on Haven Appeal Amid Greek Debt Concerns

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Gold Futures Advance on Haven Appeal Amid Greek Debt Concerns

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PT. Equityworld Futures – Gold futures rose on demand for a haven as Greece remained locked in negotiations to secure funding and avoid a default.

Greek government bonds were set for their worst week since the aftermath of the Syriza party’s election in January. The nation faces payments of almost 1 billion euros ($1.1 billion) next month. Earlier, gold climbed as much as 0.8 percent to $1,207.80 an ounce.

Two Federal Reserve officials have said that a recent run of weak U.S. economic data makes them wary of raising borrowing costs too soon, reinforcing forecasts that the Fed will wait until September to tighten. Higher interest rates damp the appeal of gold, which generally offers returns only through price gains.

Gold futures for June delivery climbed 0.4 percent to settle at $1,203.10 at 1:50 p.m. on the Comex in New York. The metal has climbed 5.4 percent from a four-month low of $1,141.60 on March 17.

The cost of living in the U.S., excluding fuel and food, rose 0.2 percent in March, signaling that inflation is starting to firm. Some investors buy gold as a hedge against higher consumer prices.

Sumber : ewfpro.com

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