Gold futures climb 1% on soft dollar, Greek woes boost demand

Gold futures climb 1% on soft dollar, Greek woes boost demand

Gold futures prices gained in a one-week high on Wednesday, as a weaker U.S. dollar combined, after a new budget proposal from Greece snarled efforts to break a standoff with its creditors, boosted the precious metal.

On the Comex, gold futures delivery in August touched an intraday peak of $1,191.80 a troy ounce, before trading at $1,189.00, headed for the biggest gain since May 13.

The talks have this week unable to make progress after Greece presented a deficit budgeting plan which creditors deemed unsuitable, according to two officers concerned in the process. Greek PM Alexis Tsipras scheduled to meet with the leaders of two biggest economies of the eurozone in Brussels on Wednesday.

The gold is addressed a third straight gain, the longest rally since May 18, as the confrontation fueled concern that Greece leave the eurozone. Tensions have been running helped revive bullion, which had fallen over three weeks amid speculation that the Federal Reserve would hike interest rates later this year.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 94.946, down 0.23% from the previous close of 95.166 on Wednesday, the weakest level since May 19.

The Indian rupee followed other currencies in the region and strengthened from its previous close ended at 63.84 per dollar, up 0.13%.

Gold has moved quite weakened. Indeed, gold demand is declining globally. The world’s largest gold fund SPDR Holding fell and also come down 705 tonnes of gold.

MCX gold August futures quoted flat and is trading around Rs 26,850.

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