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1st LD Writethru: Gold up on Greece uncertainty

Xinhua, May 30, 2015 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange rose slightly on Friday as Greek uncertainty gave support to the precious metal.

The most active gold contract for August delivery rose 1.00 U.S. dollars, or 0.08 percent, to settle at 1,189.80 dollars per ounce.

Uncertainty over the deal between Greece and the European Central Bank (ECB) and International Monetary Fund led to support being given to gold on Friday. Greece is due to make a payment on their debt next week, on June 5 according to Greek Prime Minister Alexis Tsipras's spokesman Gabriel Sakellaridis, and has already hinted that they may or may not be able to make that payment.

Analysts said this is concerning to the market as it could add additional fears that Greece may exit the Eurozone, which the ECB has already indicated would cause economic instability. As a result, investors have started moving to gold as a safe haven. The U.S. gross domestic product (GDP) shrank at a 0.7 percent seasonally adjusted annual rate in the first quarter, the Commerce Department said Friday, the economists surveyed by MarketWatch had forecast at 1 percent contraction. Analysts noted that gold turned higher after revised GDP data released.

However, the stronger dollar and the U.S. central bank was on track to raise rates later this year limited the gains of gold, analysts said.

Silver for July delivery added 3.2 cents, or 0.19 percent, to close at 16.701 dollars per ounce. Platinum for July delivery fell 4.8 dollars, or 0.43 percent, to close at 1,111.50 dollars per ounce. Endite