February 16, 2015
Gold Extends Advance for Third Day Before Greece Meets Creditors
(Bloomberg) -- Gold climbed for a third day as euro-area finance ministers prepare to meet in Brussels amid an impasse over Greece’s financing.
Bullion for immediate delivery rose as much as 0.3 percent to $1,233.82 an ounce and was at $1,233.04 by 11:59 a.m. in Singapore, Bloomberg generic pricing shows. Prices gained for a second day on Feb. 13, paring a weekly decline, as weaker U.S. consumer confidence added to concern the economy is slowing.
Finance Minister Yanis Varoufakis leads a delegation to Brussels on Monday after officials failed to resolve the issue of funding Europe’s most indebted state last week. While Greece wants a six-month bridge arrangement to replace the current bailout and allow time to discuss a new deal, creditors say Alexis Tsipras’s government must abide by agreements struck by previous Greek administrations.
“Concerns about Greece’s negotiations with its lenders should continue to support a safe-haven bid for gold,” Australia & New Zealand Banking Group Ltd. wrote in a note.
Finance ministers held their first talks with Varoufakis last week, with no deal beyond a willingness to keep talking. Tsipras’s Syriza party was elected Jan. 25 on a platform of ending austerity, raising concern that failure to agree on a new debt pact may trigger the country’s exit from the euro.
Silver for immediate delivery traded at $17.3435 an ounce from $17.3625 on Feb. 13. Platinum rose 0.7 percent to $1,215.63 an ounce, while palladium increased 0.2 percent to $792.75 an ounce.