Futures Market News
Gold futures head up in value as dollar slumps, protests rage in Greece
Jun 29, 2011 04:52 AM
The greenback slumped in value against the euro as conjecture rose about the European Central Bank raising interest rates next week while Greece pushes forward with austerity measures in order to receive a tranche of emergency aid. The Aegean nation saw protests that included labor unions closing government services and police employing crowd control measures like firing tear gas.
The precious metal "might be in a win-win situation as if the vote is passed the dollar will likely fall and that will boost metal prices, while if the vote fails then safe-haven buying could kick in," states a Wednesday report by analyst William Adams of Basemetals.com in London.
At 5:16 a.m. on Wednesday, gold futures rose 0.53 percent, an $8 rise to $1,508.20 per troy ounce.
Despite expectations of lower inflation in the U.S. reducing demand for gold futures, the ongoing saga with the Aegean nation's efforts to avoid defaulting on repayments for bailout funding has enhanced the demand, Dow Jones Newswires reports.
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