Investing.com – Gold futures were up for a fourth day on Wednesday, climbing to a fresh three-week high as mounting fears over Greece's sovereign debt and concerns over the pace of the U.S. economic recovery boosted the safe haven appeal of the precious metal.
On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at USD1,529.15 a troy ounce during U.S. morning trade, gaining 0.21%.
It earlier rose as much as 0.28% to USD1,530.45 a troy ounce, the highest price since May 4.
European Union Fisheries Commissioner and current Greek parliament member Maria Damanaki said earlier that Greece's euro zone membership was at risk and that the country must agree on tough austerity measures or return to the Drachma.
Meanwhile, Greek newspapers reported that the government was considering organizing a referendum on additional austerity measures after it failed to reach consensus with the opposition.
The worries boosted gold prices in euro to a fresh record high of EUR1,088.05 an ounce. Euro-denominated gold has risen to a record high for three consecutive sessions as investors bought gold as a refuge against economic and political uncertainty.
Elsewhere, government data released earlier Wednesday showed that U.S. durable goods orders slumped in April, posting the biggest drop in six months.
Durable goods orders dropped 3.6%, compared to expectations for a 2% drop, while core durable goods, which exclude transportation, fell 1.5%, confounding expectations for a rise of 0.6%.
The downbeat data diminished expectations for an imminent tightening in U.S. monetary policy, boosting the appeal of gold and other precious metals.
Silver for July delivery rallied 2.35% to trade at a two-week high of USD37.46 a troy ounce during U.S. morning trade, while copper for July delivery gained 2.2% to trade at USD4.111 a pound.
On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at USD1,529.15 a troy ounce during U.S. morning trade, gaining 0.21%.
It earlier rose as much as 0.28% to USD1,530.45 a troy ounce, the highest price since May 4.
European Union Fisheries Commissioner and current Greek parliament member Maria Damanaki said earlier that Greece's euro zone membership was at risk and that the country must agree on tough austerity measures or return to the Drachma.
Meanwhile, Greek newspapers reported that the government was considering organizing a referendum on additional austerity measures after it failed to reach consensus with the opposition.
The worries boosted gold prices in euro to a fresh record high of EUR1,088.05 an ounce. Euro-denominated gold has risen to a record high for three consecutive sessions as investors bought gold as a refuge against economic and political uncertainty.
Elsewhere, government data released earlier Wednesday showed that U.S. durable goods orders slumped in April, posting the biggest drop in six months.
Durable goods orders dropped 3.6%, compared to expectations for a 2% drop, while core durable goods, which exclude transportation, fell 1.5%, confounding expectations for a rise of 0.6%.
The downbeat data diminished expectations for an imminent tightening in U.S. monetary policy, boosting the appeal of gold and other precious metals.
Silver for July delivery rallied 2.35% to trade at a two-week high of USD37.46 a troy ounce during U.S. morning trade, while copper for July delivery gained 2.2% to trade at USD4.111 a pound.