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Gold climbs on Greek debt woes, soft dollar

10th June 2015

Gold looked to post its third consecutive day of gains on Wednesday June 10th, as the Greek debt crisis remained a concern. In addition, a sharply lower US dollar helped drive demand for the yellow metal.

Spot gold prices increased by 0.8 per cent, extending the 0.4 per cent gain from the previous two sessions. The price for an ounce of gold now trades around the $1,185 mark.

Greek debt negotiations continue to hold sway in Europe. So far, there has been no agreement reached after the recent submitting of reform proposals from both sides. The uncertainty pressured stocks lower and boosted the safe haven asset, gold.

Meanwhile, today’s decline in the greenback is making gold more attractive to investors. The dollar came under attack on comments from the head of the Bank of Japan, who said the “very weak” yen was unlikely to decline further.

The US dollar dropped against a number of currencies on the news, sending the dollar index to its lowest levels in three weeks.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70.8% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.