Investing.com – Gold futures pared gains on Wednesday, easing off a three-day high after Greece’s parliament approved a critical austerity plan deemed necessary to avoid a sovereign debt default.
On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at USD1,506.45 a troy ounce during U.S. morning trade, adding 0.33%.
It earlier rose as much as 0.65% to trade at USD1,510.95 a troy ounce, the highest price since June 24.
Earlier in the day, Greece’s parliament voted in favor of a EUR28.4 billion, five-year austerity package needed to secure a EUR12 billion tranche of bailout funds from the European Union and International Monetary Fund.
The final vote count showed that 155 parliament members voted in favor, 138 voted against, while seven members abstained.
Panayiotis Kouroublis, the only member of the ruling Socialist Party to vote against the austerity package was thrown out of the party by Greek Prime Minister George Papandreou.
Greek lawmakers were due to vote Thursday on the implementation of different parts of the package, such as tax rises and the sale of state assets.
Gold is often considered a haven against political turmoil and global financial instability.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.25% to trade at 75.27, after earlier falling to 75.04, the lowest since June 22.
Gold prices often move inversely to the U.S. dollar, as gold becomes less expensive for buyers using other currencies.
Elsewhere, silver for September delivery climbed 1% to trade at USD34.27 a troy ounce during, while copper for September delivery surged 1.6% to trade at USD4.179 a pound.
On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at USD1,506.45 a troy ounce during U.S. morning trade, adding 0.33%.
It earlier rose as much as 0.65% to trade at USD1,510.95 a troy ounce, the highest price since June 24.
Earlier in the day, Greece’s parliament voted in favor of a EUR28.4 billion, five-year austerity package needed to secure a EUR12 billion tranche of bailout funds from the European Union and International Monetary Fund.
The final vote count showed that 155 parliament members voted in favor, 138 voted against, while seven members abstained.
Panayiotis Kouroublis, the only member of the ruling Socialist Party to vote against the austerity package was thrown out of the party by Greek Prime Minister George Papandreou.
Greek lawmakers were due to vote Thursday on the implementation of different parts of the package, such as tax rises and the sale of state assets.
Gold is often considered a haven against political turmoil and global financial instability.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.25% to trade at 75.27, after earlier falling to 75.04, the lowest since June 22.
Gold prices often move inversely to the U.S. dollar, as gold becomes less expensive for buyers using other currencies.
Elsewhere, silver for September delivery climbed 1% to trade at USD34.27 a troy ounce during, while copper for September delivery surged 1.6% to trade at USD4.179 a pound.