Investing.com – Gold futures edged higher on Monday, after euro zone finance ministers delayed a final decision on an emergency bailout package for Greece until July, while the dollar pared gains against its major counterparts.
On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at USD1,544.35 a troy ounce during U.S. morning trade, gaining 0.27%.
It earlier rose as much as 0.4% to trade at USD1,547.55 a troy ounce, the highest price since June 9.
On Sunday, euro zone finance ministers said Greece will get the next round of its existing bailout package in early July, if it can pass new spending and economic reforms by the end of the month.
Greece’s parliament was expected to vote on the controversial new austerity package on Tuesday.
Meanwhile, the euro erased losses against the U.S. dollar after EU finance ministers agreed to boost the effective lending capacity of the European Financial Stability Fund to EUR780 billion from the current level of EUR440 billion.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, pared gains to trade at 75.48, easing up 0.02%. It earlier rose by as much as 0.55% to hit a daily high of 75.95.
Dollar weakness usually benefits gold, as it boosts the metal's appeal as an alternative asset and makes dollar-priced commodities cheaper for holders of other currencies.
Elsewhere, silver for July delivery dipped 0.38% to trade at USD35.73 a troy ounce during U.S. morning trade, while copper for July delivery tumbled 1.6% to trade at USD4.033 a pound.
On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at USD1,544.35 a troy ounce during U.S. morning trade, gaining 0.27%.
It earlier rose as much as 0.4% to trade at USD1,547.55 a troy ounce, the highest price since June 9.
On Sunday, euro zone finance ministers said Greece will get the next round of its existing bailout package in early July, if it can pass new spending and economic reforms by the end of the month.
Greece’s parliament was expected to vote on the controversial new austerity package on Tuesday.
Meanwhile, the euro erased losses against the U.S. dollar after EU finance ministers agreed to boost the effective lending capacity of the European Financial Stability Fund to EUR780 billion from the current level of EUR440 billion.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, pared gains to trade at 75.48, easing up 0.02%. It earlier rose by as much as 0.55% to hit a daily high of 75.95.
Dollar weakness usually benefits gold, as it boosts the metal's appeal as an alternative asset and makes dollar-priced commodities cheaper for holders of other currencies.
Elsewhere, silver for July delivery dipped 0.38% to trade at USD35.73 a troy ounce during U.S. morning trade, while copper for July delivery tumbled 1.6% to trade at USD4.033 a pound.