GOLD futures settled higher, as investor appetite for the metal was bolstered by a stronger euro and signs of progress in the Greek debt talks.
The most actively traded contract, for December delivery, on Friday rose $ US23.20, or 1.3 per cent, to settle at $ US1,751.40 a troy ounce on the Comex division of the New York Mercantile Exchange.
Negotiations between Greece and its international lenders are due to resume on Monday.
Euro-zone finance ministers and officials from the International Monetary Fund (IMF) are focused on putting Greece back on the path to sustainable debt levels.
Gold futures rallied alongside the euro, which touched a three-week high on hopes of a resolution to Greece’s long-running debt drama. The common European currency was recently up 0.7 per cent at $ US1.2974.
Gold is priced in US dollars and become less expensive for investors who use other currencies for their purchases when the dollar weakens.
Gold also benefited from easing concerns about the euro zone, with investors looking to move into less-liquid assets like gold rather than the dollar.
“A lot of this risk-off sentiment is driven by uncertainty, and as these hurdles are removed the market sentiment turns more bullish,” said Dan Pavilonis, senior commodities broker with RJO Futures.
Low trading volumes helped gold cement its gains, with many market participants choosing to stay on the sidelines the day after the Thanksgiving holiday. Individual transactions have a greater impact on prices when fewer investors are active in the market.
Settlements (ranges include open-outcry and electronic trading):
London PM Gold Fix: $ 1,734.50; previous PM $ 1,731.00
Dec gold $ 1,751.40, up $ 23.20; Range $ 1,727.60-$ 1,755.00
Dec silver $ 34.116, up 76.6 cents; Range $ 33.235-$ 34.160
Dec palladium $ 667.60, up $ 16.30; Range $ 644.85-$ 669.70
Jan platinum $ 1,615.10, up $ 33.20; Range $ 1,573.40-$ 1,626.60
Precious metals close higher http://pixel.quantserve.com/pixel/p-89EKCgBk8MZdE.gif
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