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Gold up for 6th day, US data helps

Singapore, June 15, 2012

Gold climbed for a sixth straight session on Friday, as more data pointed to a slower US recovery, opening the door wider for the Federal Reserve to ease further, which would help burnish gold's appeal as an inflation hedge.

Spot gold rose 0.2 percent to $1,624.86 an ounce by 0632 GMT and has put on some 2 percent over the past six sessions, its longest winning streak since August. The US gold futures contract for August delivery gained 0.4 percent to $1,626. 

Bullion has also seen some safe-haven inflows in recent days due to the rising risk of financial market turmoil in the event of a messy Greek exit from the euro zone bloc. 
   
Many investors were on the sidelines ahead of Greece's vote on Sunday that could determine its future in the bloc.  Authorities in the world's major economies are preparing for a possible market storm or public panic after the elections should radical leftists win.
 
"It probably won't be a catastrophic weekend, though from a risk/reward perspective I think people are steering clear of markets where they can," said a Singapore-based trader.  - Reuters




Tags: Gold | Greece | bullion | debt |

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