Gold rises as drop to 6-week lows sparks buying

Gold prices rose 0.6 percent on Monday as investors took advantage of the metal's dip to six-week lows last week to buy into the market and on expectations the euro will extend gains versus the dollar.

Spot gold was bid at $1,495.20 an ounce at 1543 GMT, against $1,485.80 late in New York on Friday. U.S. gold futures for August delivery rose $13.30 an ounce to $1,495.90.

Trade is likely to be thinned on Monday by the U.S. Independence Day holiday.

Greece last week approved austerity measures needed to access another tranche of funding from the European Union and IMF, sparking a relief rally in some assets seen as higher risk and weighing on gold.

Its drop to six-week lows below $1,480 an ounce prompted some bargain hunting on Monday, however.

Read Full Article from Reuters

- Posted: 2011-07-04 12:25:05

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