Gold held a two-day advance as euro-area finance ministers prepare to meet in Brussels amid an impasse over Greece™s financing.
Bullion for immediate delivery traded at $1,230.04 an ounce at 9:04 a.m. in Singapore from $1,229.76 on Feb. 13, according to Bloomberg generic pricing. Prices rose for a second day on Feb. 13, trimming a weekly decline, as weaker U.S. consumer confidence added to concern that 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.
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 $17.3507 an ounce from $17.3625 on Feb. 13. Platinum added 0.6 percent to $1,214.88 an ounce, while palladium was little changed at $791.25 an ounce.
Source : Bloomberg