Gold futures were on the rise on Friday in the face of pivotal elections in Greece on Sunday and the policy-making division of the U.S. Federal Reserve preparing to convene for two days of meetings next week, according to published reports.
The Aegean nation, two-time recipient of international bailout aid, is set to return to the polls for a second time in six weeks, according to Reuters. In addition, the Federal Open Market Committee is set to meet for two days of meetings next week, prompting speculation about additional monetary easing to spur the globe's largest economic system.
"The next big event in the gold world is likely to be the Greek election," states a note penned by HSBC, according to Reuters. "Gold may be caught between the election and U.S. monetary expectations."
At 10:48 a.m. on Friday, gold futures rose 0.83 percent, an $11 gain to $1,630.60 per troy ounce.
Concerns are spreading about Greece's sustained membership in the euro bloc, according to Bloomberg.
Political leaders in the Aegean nation hold differing views regarding austerity measures that were required for disbursal of bailout aid as Greece is in peril of defaulting on financial obligations.
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