Gold futures gained on Thursday as a consequence of the shared currency of the European Union driving higher in value amid optimism for Greece acquiring bailout aid, according to Reuters.
Also driving the value of the precious metal higher was unexpectedly strong Chinese economic data about inflation, which brightened the sentiment for the yellowish metal. But one dealer underscored the burden on the U.S. dollar when the euro performs strongly, which he attributed to the brighter outlook regarding Greece staving off defaulting on its loan obligations by acquiring the second tranche of international bailout aid since
June 2010.
"Greece seems to be closer to a concrete deal, which weighs on the dollar and helps gold," physical dealer Ronald Leung with Lee Cheong Gold Dealers in Hong Kong told the news service.
At 9:48 a.m on Thursday, gold futures climbed 1.1 percent, a $19.10 lift to $1,750.40 per troy ounce.
Bloomberg reports leaders in Greece achieved a deal with international creditors that should ease the delivery of the equivalent of $173 billion in euros. The leader of Greece called the president of the European Central Bank to spread the news, the ECB president said during a press conference.
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