Gold futures rose for the second straight session as Greece’s political crisis and a decline in equities spurred demand for the precious metal as an alternative asset.
The euro weakened to the lowest since March 2006 amid a debate on Greece’s membership in the European Union. The MSCI All-Country World Index of stocks declined as much as 1.4 percent. Last year, gold declined 1.5 percent as U.S. equities climbed to a record.
“The turmoil in Greece and the weakness in equities is bringing some investors to gold,” Adam Klopfenstein, a senior market strategist at Archer Financial Services Inc. in Chicago, said in a telephone interview. “We are seeing a rise in the haven premium of gold.”