PT. Equityworld Futures - Gold headed for the first
weekly climb in a month as the International Monetary Fund’s decision to
walk out of talks with Greece on financial aid outweighed the outlook
for higher U.S. interest rates.
Bullion for immediate delivery
traded at $1,182.22 an ounce by 2:20 p.m. in Singapore from $1,182.01 on
Thursday, when prices fell 0.3 percent, according to Bloomberg generic
pricing. The metal is set to advance 0.9 percent this week, the first
weekly gain since the period ended May 15. Gold in Shanghai was little
changed, set for a weekly increase.
The IMF said its team flew out
of Brussels after failing to make progress on a debt deal needed to
help Greece avoid default. European Union President Donald Tusk
abandoned his neutral position as a broker of EU compromises, telling
Greece’s Prime Minister Alexis Tsipras to stop maneuvering and decide
whether to accept the conditions on financial aid. The standoff has
fueled concern that Greece will exit the euro area, boosting bullion’s
appeal has a haven.
Gold has dropped almost 10 percent from this
year’s peak in January amid speculation the U.S. Federal Reserve will
raise borrowing costs for the first time since 2006 as the economy
improves. Higher rates drive investors to favor assets that pay
interest, curbing the allure of the metal.
Sumber : ewfpro.com