Gold Futures Keep Rallying on Greece’s Debt Crisis

Gold futures gained on Wednesday in reaction to the uncertainty surrounding Greece’s sovereign debt situation. Gold futures further rallied on its safe haven status after the US Federal Reserve reduced it outlook for this year’s growth.

Senior metals analyst, Peter Grant from USAGold-Centennial Precious Metals Inc commented, “The Federal Open Market Committee policy statement was pretty much as I expected, gold remains generally well bid.”

Gold futures contract for December delivery jumped 1 percent or $17.80 to settle at $1,729.60 per ounce on the Comex trading of the New York Mercantile Exchange. The respective contract reached its intraday high of $1,745.60 on Wednesday.

The US dollar fell on Wednesday which further supported the precious metal as its makes gold less expensive for holders in other currencies. The dollar index DXY which measures the US dollar’s performance against its six major counterparts declined to 77.106 on Wednesday as compared to 77.298 on Tuesday’s North American trading session.

Among other base metals, silver futures contract for December delivery gained 3.7 percent or $1.21 to settle at $33.94 per ounce at the New York Mercantile Exchange. Copper futures for December delivery advanced 2.2 percent or $0.08 to $3.58 per pound.

Platinum futures contract for January delivery surged 1.2 percent or $19.30 to $1,601.30 per ounce while its sister metal palladium futures for December delivery soared 2.2 percent or $13.65 to $648.65 per ounce.

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