Euro Zone Fears Edge Gold Up While Dollar Limits Gains

Reuters reported gold outperformed equities for the second day, edging up to $1,577.86 an ounce as investors bought the metal as a safe-haven due to Greece’s need for more debt restructuting.

As quoted in the report:

Gold prices seesawed early, then reversed losses as EU officials said Greece probably will not be able to pay its debts, making further restructuring necessary.

Jonathan Jossen, an independent COMEX gold options floor trader, commented:

Gold is mostly taking its cues from the euro-dollar. Volume is pretty decent, suggesting there are good underlying bids here.

Click here to read the full Reuters report.