Gold Rises on Greek Turmoil

Bloomberg reported that gold futures rose for the second day in a row, in part due to a political crisis in Greece. Gold futures for delivery in February gained 0.9 percent to reach $1,197.30 during morning trading hours on the Comex.

As quoted in the publication:

The euro weakened to the lowest since March 2006 amid a debate on Greece’s membership in the European Union. The MSCI All-Country World Index of stocks declined as much as 1.4 percent. Last year, gold declined 1.5 percent as U.S. equities climbed to a record.

Archer Financial Services senior market strategist Adam Klopfenstein told Bloomberg:

The turmoil in Greece and the weakness in equities is bringing some investors to gold. We are seeing a rise in the haven premium of gold.

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