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Sunday, April 19, 2015, Baishakh 6, 1422 BS, Jamadius Sani 28, 1436 Hijr

Gold up amid Greek debt concerns
Published : Sunday, 19 April, 2015,  Time : 12:00 AM,  View Count : 13

CHICAGO, April 18: Gold futures on the COMEX division of the New York Mercantile Exchange rose on safe-haven demand Friday as concerns grew about the Greek debt crisis.
The most active gold contract for June delivery rose 5.1 U.S. dollars, or 0.43 per cent, to settle at 1,203.10 dollars per ounce. Gold still lost 0.1 per cent for the week.
Concerns mounted over the funding crisis in Greece which faces payments of almost 1 billion euros (1.1 billion U.S. dollars) next month, which became a driving force of gold staying range-bound. Greek Finance Minister Yanis Varoufakis's meeting with IMF officials also claimed market spotlight.
Meanwhile, the Fed had previously indicated they could raise rates as early as June, but recent weak data have led investors to believe that they may wait until September to tighten. Higher interest rates usually damp the appeal of gold.
The U.S. Department of Labor said on Friday that the U.S. consumer price index (CPI) added 0.2 per cent in March after a 0.2 per cent gain in February. Analysts cautioned that the trend is still bearish, but attribute a boost in the CPI to increasing energy costs.
A decline in global stock markets on Friday also boosted demand for gold. U.S. stocks traded sharply lower in the morning session, while FTSE 100 Index, Britain's benchmark stock market gauge, also decreased by 0.93 per cent.
Silver for May delivery fell 5.5 cents, or 0.34 per cent, to close at 16.229 dollars per ounce. Platinum for July delivery gained 8.3 dollars, or 0.72 per cent, to close at 1,167.50 dollars per ounce.

Editor : Iqbal Sobhan Chowdhury
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