Gold futures gained in value on Wednesday, driven by prospects of Greece and its private creditors finessing a pact that will stave off the Aegean nation's default on loan obligations next month, according to published reports.
The U.S. dollar backtracked when held against rival currencies, including the shared currency of the European Union, according to Bloomberg. Losses to the world's reserve currency ran as high as 0.7 percent, which the monetary unit has not seen since December 9 of last year.
"The dollar’s decline is pushing gold higher," president Fain Shaffer with Infinity Trading in Southwest Oregon told the news service.
At 7:32 a.m. on Wednesday, gold futures edged down 0.02 percent, a 30 cent slip to $1,748.10 per troy ounce.
Greece is working on securing its second tranche of international bailout aid since June 2010, which will be used to accommodate payments on obligations due next month, MarketWatch reports. Though a pact between negotiators was said to be close, analysts, investors and other observers remain apprehensive about the prospects of a default and its impact on markets and economies throughout the world.
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