Gold Rises as Growing Risk of Greece Default Spurs Haven Demand

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Gold Rises as Growing Risk of Greece Default Spurs Haven Demand

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PT. Equityworld Futures – Gold futures climbed the most in more than a week on mounting concern that Greece will stumble in its bid to avoid default, boosting demand for the metal as a haven.

The European Central Bank is studying measures to rein in emergency funding for Greek banks as resistance to further aid to the country’s stricken lenders grows, people with knowledge of the discussions said. A Saudi airstrike near Yemen’s capital added to haven demand. On Monday, holdings in exchange-traded products backed by gold rose to 1,621.7 tons, the highest since March 25, data compiled by Bloomberg showed.

Gold futures for June delivery rose 0.8 percent to settle at $1,203.10 an ounce at 1:43 p.m. on the Comex in New York, the biggest gain for a most-active contract since April 10. The price has climbed 1.6 percent this year amid speculation that U.S. interest-rate increases will be gradual.

As of April 1, Russia’s central bank added to reserves about 30 tons, the most in six months, compared with the start of March.

Silver futures for May delivery rose 0.7 percent to $16.008 an ounce on the Comex.

On the New York Mercantile Exchange, platinum futures for July delivery rose 0.3 percent to $1,152.50 an ounce. Palladium futures for June delivery advanced 0.3 percent to $774.55 an ounce.

Sumber : ewfpro.com

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