Gold holds up at $ 1190 supported by Greece crisis

Gold holds up at $ 1190 supported by Greece crisis

Gold settled near $ 1190 an ounce on Monday, supported by doubts about Greece’s debt crisis, but the yellow metal’s inability to promote minor gains in the previous three sessions because of the strength of the dollar and expectations of raising US interest rates.

And settled spot price of gold at $ 1190.30 an ounce by 0632 GMT, after having climbed earlier to $ 1196.35, the highest level since 26 May

Gold ended the last three sessions, up but gains did not exceed 0.3 percent.

The deadlock is going on talks between Athens and its creditors in the euro zone and the IMF on the reform program in Greece for months.

Without the agreement of Greece become threatened with bankruptcy within weeks, and reinforced this possibility gold to some extent.

Gold is a safe haven in times of financial crisis and economic uncertainty.

The dollar rose against a basket of major currencies on Monday, and is still close to its highest level in five weeks hit last week.

And silver fell 0.3 percent to $ 16.645 an ounce.

And platinum rose 0.08 percent to $ 1108.9 per ounce, and palladium 0.16 percent to $ 775.75.

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