Gold Rebounds After Greek Optimism Losses

Gold futures rebounded from a seven-week low as declines in U.S. equities revived demand for the metal as an alternative asset.

The Standard & Poor’s 500 Index of shares fell as much as 0.3 percent, after reaching an all-time high on Feb. 20. Trading in gold futures was about 30 percent below the 100-day average for this time of day.

The metal earlier declined as much as 1.2 percent as a provisional bailout deal for Greece cut demand for bullion as a haven. Prices dropped in the previous four weeks amid gains for equities and the dollar.

via Bloomberg

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza