Falling dollar causes precious metals buyers to push gold higher
Gold prices crept up on February 17, as optimism surrounding the Greek debt situation pushed the dollar lower and precious metals buyers pushed the safe haven asset higher in value.
April gold futures were trading 0.4 percent higher at $1,735.50 per ounce by 8:48 a.m. on the Comex division of the New York Mercantile Exchange, according to Bloomberg. Spot gold was trading up 0.2 percent at $1,731.54 per ounce at 10:40 GMT, The Economic Times reports.
Market experts have been growing more optimistic that Greece will be able to secure bailout funds before the euro zone finance ministers meet on Monday, February 20, according to The Street.
"The fact that we've had some more reassuring and positive data out of the U.S., coupled with what I think is a declining market expectation of QE3 any time soon is probably contributing to the fact that gold is unable to break higher," Tom Kendall, an analyst at Credit Suisse, told The Economic Times.
The dollar also dropped against the euro, which helped contribute to the demand of precious metals buyers.
Visit Metallix Direct Gold
A unique opportunity for businesses and the public to sell smaller high-grade lots directly to the refinery.
Visit Site
