Gold Rallies to $1180 as Stock Markets Under Pressure

Gold firmed on Monday, as the prospect of a Greek debt default hit global shares, offsetting wariness among investors over the metal’s longer-term outlook.

U.S. stocks added to a global selloff as Greece veered toward a default on its debt, while the euro recovered from early sharp loss to turn higher against the dollar.

Greece will not pay a 1.6 billon euro loan installment due to the International Monetary Fund on Tuesday, a Greek government official told Reuters.