The sovereign debt crisis posing dangers for Greece pushed up gold futures Monday morning, according to published reports.
Dow Jones Newswires reports fallout from Friday's fruitless meeting of euro zone finance ministers added additional pressure to the Aegean nation, which is waiting on its second bailout tranche. Though aid for Greece was approved a few months ago, the money has not been disbursed and the nation is having trouble making repayments on the first round of bailouts.
"The Greek situation could be coming to a head," multi-asset strategy head Khiem Do with Baring Asset Management told Bloomberg. Do, whose firm manages roughly $10 billion in assets, said additional nations in the euro zone are likely to feel the pinch.
At 7:25 a.m. on Monday, gold futures were up 0.46 percent, an $8.30 climb to $1,823 per troy ounce.
Tuesday and Wednesday will see the policy-making arm of the U.S. Federal Reserve convene for meetings. The Federal Open Market Committee is especially under scrutiny since meetings in Poland on Friday, which U.S. Treasury Secretary Timothy Geithner attended, did not achieve desired results of coming up with strategies to contain the debt crisis.
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