Gold futures are poised to advance for a fifth consecutive trading session on Tuesday, shining more brightly as an alternate investment while the U.S. dollar drops in value, according to Bloomberg.
The value of the world's reserve currency dropped against the shared currency of the European Union in anticipation of a visit by Prime Minister Jean-Claude Juncker of Luxembourg to Greece on Wednesday. The Aegean nation's solicitation for an extension to the program for fiscal adjustment is at hand.
"It is the slightly firmer euro against the dollar that is supporting" the precious metal, owner Peter Fertig with Quantitative Commodity Research Ltd. in Hainburg, Germany, told the news source on Tuesday. "Gold has also been profiting on speculation that there may be more monetary easing" coming from central banks.
At 8:37 a.m. on Tuesday, gold futures gained 0.86 percent, a $14 lift to $1,637 per troy ounce.
Reuters reports the value of the greenback scraped its lowest value in almost two weeks against the 17-nation monetary unit as optimism about Greece benefited the embattled monetary unit.
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