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Gold rises nearly 2 percent on Greece bailout optimism
(Reuters) - Gold prices rose 1.5 percent on Tuesday for their biggest daily gain in two weeks, as expectations that a Greek rescue deal will be completed drove the dollar down sharply against the euro.
Bullion, which had dropped in early trade on nervousness about Greece, rebounded to snap two days of losses as Greece's government was preparing a list of reforms needed to clinch a new financing package.
Hopes for a bailout plan that would move Athens closer to avoiding a chaotic debt default boosted gold's inflation-hedge appeal. The metal's rally also sharply outpaced Wall Street's gains.
"If the deal falls apart, the ECB (European Central Bank) is going to be even more aggressive in monetizing things and create credit to insulate the banking system from a disorganized default," said ...
Title:
Gold rises 1.5 percent on Greece rescue deal optimism
(Reuters) - Gold prices rose 1.5 percent on Tuesday as expectations that a Greek rescue deal will be completed drove the dollar down sharply against the euro.
Bullion, which had dropped in early trade on nervousness about Greece, rebounded and headed for its biggest daily gain in two weeks as Greece's government was preparing a list of reforms needed to clinch a new financing package.
Hopes for a bailout plan that would move Athens closer to avoiding a chaotic debt default boosted gold's inflation-hedge appeal.
"If the deal falls apart, the ECB is going to be even more aggressive in monetizing things and create credit to insulate the banking system from a disorganized default," said James Dailey, portfolio manager of the TEAM Asset Strategy Fund.
"It's basically a win-win for gold at ...
Title:
Gold rises 1 percent on Greece rescue deal optimism
(Reuters) - Gold prices rose 1 percent on Tuesday as expectations that a Greek rescue deal will be completed drove the dollar down sharply against the euro.
Bullion, which had dropped in early trade on nervousness about Greece, bounced and was on track for its biggest daily gain in two weeks as Greece's government was preparing a list of reforms needed to clinch a new financing package.
Hopes for a bailout plan that would move Athens closer to avoiding a chaotic debt default boosted gold's inflation-hedge appeal.
"If the deal falls apart, the ECB is going to be even more aggressive in monetizing things and create credit to insulate the banking system from a disorganized default," said James Dailey, portfolio manager of the TEAM Asset Strategy Fund.
"It's basically a win-win for gold at ...
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