The Aegean nation, which accepted a bailout in June 2010 but has struggled with repayments, is nearing an agreement with the European Commission, the European Central Bank and the International Monetary Fund, according to a local newspaper. The publication cited aides to the prime minister.
"Seeming progress in negotiations over a new aid package for Greece keeps gold trapped below $1,540" per troy ounce, according to a Wednesday report by Edel Tully, a London-based analyst at UBS AG in London. "Dollar weakness and Moody's having put Japan's sovereign rating on review for a possible downgrade underpins gold."
At 8:38 a.m. on Wednesday, gold futures climbed 0.05 percent, an 0.80 cent rise to $1,537 per troy ounce.
Last month, manufacturing activity in China expanded at the lowest rate in three quarters, according to MarketWatch. The country hosting the globe's most rapidly expanding economy is attempting to stave off inflation and the government is exerting efforts into restricting prices.
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