By Kim Kyoungwha
April 27 (Bloomberg) -- Gold advanced to near the highest level in more than a week on speculation Greece’s budget woes will prompt investors to seek a refuge in safer assets.
Gold for immediate delivery rose 0.2 percent to $1,155.75 an ounce at 8:23 a.m. in Singapore, after climbing to $1,160.10 yesterday, the highest price since April 16. Bullion in euro and Swiss francs rose to records yesterday on concern that a European Union-led 45 billion euro ($60 billion) aid package for Greece won’t prevent the deficit crisis from spreading.
“The price of gold has edged to just under $1,160 an ounce against the backdrop of Greece’s uncertain financial situation,” Eugen Weinberg, senior analyst with Commerzbank AG, wrote in a report. “Gold is thus showing its attraction as a safe haven once again.”
Greece needs to repay 8.5 billion euros of bonds on May 19. German Chancellor Angela Merkel warned Greece and the rest of the euro region that a bailout of the debt-stricken nation isn’t a done deal.
The Dollar Index also advanced, ending a two-day decline, Asian stocks were little changed after jumping the most since March 17 yesterday on optimism about a firmer economic recovery.
Silver increased 0.1 percent to $18.315 an ounce, and platinum added 0.4 percent to $1,751.75 an ounce, approaching a 20-month high of $1,754.85 touched on April 22. Palladium gained 0.6 percent at $568.50 an ounce, nearing the 25-month high of $572 also reached on April 22.
To contact the reporter on this story: Kyoungwha Kim in Singapore at Kkim19@bloomberg.net
Posts
No comments:
Post a Comment