The price of gold drove higher than $1,700 per troy ounce on Friday morning prior to enduring some losses, according to Bloomberg.
Greece successfully finalized the debt-swap program to fulfill financial obligations coming due late next week. The Aegean nation is in line to receive its second tranche of international bailout aid since June 2010. In response, the value of the 17-nation single currency climbed against the greenback.
February saw a slow-down of economic figures in China, host of the globe's second-biggest economic system, prompting speculation about the likelihood of the central bank of the Asian nation employing monetary easing.
"A lower headline inflation number means that the central bank can continue to be very accommodative, which means printing more money," commodity strategist Jeremy Friesen with Societe Generale in Hong Kong told Reuters. "The more money it prints versus the gold out there, the more it should raise the value of gold versus that money."
At 8:49 a.m. on Friday, the price of gold fell 0.53 percent, $9 drop to $1,689.70 per troy ounce.
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