Gold extends gains on softer dollar, Greek debt worries

Gold extended gains to a third session on Monday, bolstered by safe-haven bids amid a softer dollar and jitters ahead of negotiations regarding Greece’s future in the euro zone.



Spot gold edged up 0.5 per cent to $1,235.50 an ounce by 0746 GMT, after gaining 0.6 per cent in the previous session.



Traders were eyeing a meeting of euro zone finance ministers in Brussels later on Monday to find common ground with Greece’s new government, elected on a pledge to scrap the austerity strictures of Greece’s international bailouts.



If the meeting produces no results, there is a concern that Greece will be headed for a credit crunch that would force it out of the euro zone.



Holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.42 per cent to 768.26 tonnes on Friday, while speculators cut bullish stances in gold futures and options for the second straight week during the week to Feb. 10.



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Posted in: Indian Market Tips