Greece now has the dubious distinction of holding the globe's worst credit rating as labeled by Standard & Poor’s. The Aegean nation is "increasingly likely" to be forced into restructuring its debt, the credit service said.
"The inflation story is still in the back of people's minds," Bernard Sin, the head of currency and metal trading at Geneva-based bullion refiner MKS Finance, told Bloomberg. "Europe is definitely a problem, that's why you’re seeing decent demand. Physical traders might be happy to get in at these levels."
At 9:54 a.m. on Tuesday, gold futures edged up 0.13 percent, a $2 rise to $1,517.60 per troy ounce.
MarketWatch reports gold's climb is attributable to the debilitating dollar. On Monday, the greenback slipped on the dollar index from 74.501 to 74.489. The metric assesses the greenback's value when held against six counterpart currencies.
Euro zone leaders were scheduled to convene and demonstrate solidarity with Greece, which is expected to boost the European Union's shared currency.
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