Gold rebounded as Greek Prime Minister Alexis Tsipras reaffirmed his government™s rejection of the country™s bailout program and concern increased that Ukraine™s conflict may worsen, spurring demand for haven assets.
Bullion for immediate delivery added as much as 0.4 percent to $1,239.31 an ounce and was at $1,237.72 at 11:54 a.m. in Singapore, according to Bloomberg generic pricing. Prices fell to $1,228.48 on Feb. 6, the lowest level since Jan. 15, after data showed the U.S. added more jobs than forecast in January, boosting expectations that the Federal Reserve will move toward the first interest-rate increase since 2006.
Greece™s Tsipras vowed to increase the minimum wage and halt infrastructure privatizations on Sunday, putting him on a collision course with creditors before an emergency meeting with euro-area finance ministers. Ukraine™s almost yearlong conflict enters a pivotal week with discussions to resume on Monday in Berlin aimed at preparing a summit for the leaders of Germany, France, Russia and Ukraine in Minsk, Belarus, on Feb. 11.
Ukraine, the U.S. and the European Union say Russia is supporting separatists in Ukraine™s east. Almost 5,400 people have died in the fighting since April, according to the United Nations. This week™s diplomatic effort comes as the U.S. and some European allies consider supplying arms to Ukraine.