Investing.com – Gold futures jumped to three-day high on Tuesday, trading above the psychologically important USD1,500-an-ounce level as some safe-haven buying emerged amid ongoing concerns over Greece’s debt woes.
On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at USD1,511.75 a troy ounce during U.S. morning trade, gaining 1%.
It earlier rose as much as 1.1% to hit USD1,512.45 a troy ounce, the highest price since June 30.
Continued uncertainty over the ultimate resolution of Greece’s sovereign debt crisis continued to boost prices.
Earlier in the day, ratings agency Moody’s said lenders who planned to rollover some of their Greek debt may have to take impairment charges on the original, unpaid bonds but the agency stopped short of saying that the plan would result in a default.
In contrast, fellow ratings agency Standard & Poor’s said on Monday that a plan by French lenders to rollover Greek debt would amount to a “selective default” if implemented.
Global financial service provider Commerzbank said in a report Tuesday that, "The debt crisis in Greece has eased somewhat for the time being, but that does not mean it is solved. The problem is still there - the EU and Greece have only gained some time."
Gold is often considered a refuge from financial risk and a haven in times of global economic uncertainty.
Meanwhile, the precious metal’s appeal as a hedge against inflation was boosted after the People's Bank of China said in a statement on Monday that inflationary pressures "are still high".
Gold futures initially traded lower Tuesday, as a stronger U.S. dollar pressured prices.
Elsewhere, silver for September delivery rallied 2.42% to trade at USD34.98 a troy ounce during, while copper for September delivery eased down 0.1% to trade at USD4.311 a pound.
On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at USD1,511.75 a troy ounce during U.S. morning trade, gaining 1%.
It earlier rose as much as 1.1% to hit USD1,512.45 a troy ounce, the highest price since June 30.
Continued uncertainty over the ultimate resolution of Greece’s sovereign debt crisis continued to boost prices.
Earlier in the day, ratings agency Moody’s said lenders who planned to rollover some of their Greek debt may have to take impairment charges on the original, unpaid bonds but the agency stopped short of saying that the plan would result in a default.
In contrast, fellow ratings agency Standard & Poor’s said on Monday that a plan by French lenders to rollover Greek debt would amount to a “selective default” if implemented.
Global financial service provider Commerzbank said in a report Tuesday that, "The debt crisis in Greece has eased somewhat for the time being, but that does not mean it is solved. The problem is still there - the EU and Greece have only gained some time."
Gold is often considered a refuge from financial risk and a haven in times of global economic uncertainty.
Meanwhile, the precious metal’s appeal as a hedge against inflation was boosted after the People's Bank of China said in a statement on Monday that inflationary pressures "are still high".
Gold futures initially traded lower Tuesday, as a stronger U.S. dollar pressured prices.
Elsewhere, silver for September delivery rallied 2.42% to trade at USD34.98 a troy ounce during, while copper for September delivery eased down 0.1% to trade at USD4.311 a pound.