Gold futures rose in value on Tuesday in the aftermath of euro zone leaders stamping approval on a second tranche of bailout aid for Greece since June 2010, The Economic Times reports.
The U.S. dollar lost value and the precious metal pushed to its top price in roughly 10 days, during which large questions persisted regarding whether the Aegean nation would receive another round of bailout aid.
"Gold may remain in a consolidation phase in the near term, as it is lacking a catalyst," analyst Hou Xinqiang with Jinrui Futures in the southern Chinese city of Shenzhen told The Economic Times. "The supportive factors — the euro zone debt crisis and expectation on loosening monetary policies around the world — have been around for a while and gold needs something new to break the range."
At 8:25 a.m. on Tuesday, gold futures gained 1.32 percent, a $22.70 lift to $1,748.60 per troy ounce.
Reuters reports the performance of the euro was initially strong on Tuesday as influenced by the likelihood of Greece avoiding a default on its loan obligations, some of which come due next month.
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