Gold Rallies to $1170 on Safe-Haven Boost

Safe-haven bids pushed up gold prices on Monday after Greeks rejected terms of a bailout package, bringing more uncertainty over Athens’ financial situation and its future in the euro zone.

Spot gold rose 0.3 percent to $1,170.61 an ounce by 0044 GMT, after earlier jumping as much as 0.6 percent.  U.S. gold climbed nearly 1 percent in its biggest daily gain in about two weeks to $1,174.40 before paring some gains.

In a referendum on Sunday, Greeks overwhelmingly rejected conditions of a rescue package from creditors. Official figures showed 61 percent of Greeks had rejected a deal that would have imposed more austerity measures on an already ravaged economy.