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1st LD Writethru: Gold up amid Greek debt concerns

Xinhua, April 18, 2015 Adjust font size:

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 percent, to settle at 1,203.10 dollars per ounce. Gold still lost 0.1 percent 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 percent in March after a 0.2 percent 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 percent.

Silver for May delivery fell 5.5 cents, or 0.34 percent, to close at 16.229 dollars per ounce. Platinum for July delivery gained 8.3 dollars, or 0.72 percent, to close at 1,167.50 dollars per ounce. Endite