Gold rose after last-ditch negotiations between representatives of the Greek government and its creditors collapsed on Sunday, boosting demand for a haven.

Bullion for immediate delivery added as much as 0.4 percent to $1,186.57 an ounce and was at $1,184.77 by 7:36 a.m. in Singapore, according to Bloomberg generic pricing. The metal advanced 0.8 percent last week, the first gain since May 15.

The European Commission said talks in Brussels between Greece and its creditors fell apart after just 45 minutes on Sunday, shifting the burden of finding a resolution to Greece’s funding crisis to a meeting of euro-area finance ministers set for June 18. That may become a make-or-break session deciding Greece’s ability to avert default and its continued membership in the 19-nation euro area. Investors are also awaiting the outcome of the Federal Reserve’s two-day meeting this week.

Gold for August delivery rose 0.4 percent to $1,184.40 an ounce on the Comex in New York.

Silver for immediate delivery climbed as much as 0.9 percent to $16.1216 an ounce and was at $16.0481. Platinum advanced 0.4 percent to $1,099.10 an ounce. Palladium added 0.2 percent to $739.70 an ounce.

Source : Bloomberg