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News: Golds edges as EU members mull Greece settlement

  1. Gold inched higher overnight talk of a settlement over Greece was dismissed as premature by a number of EU members.

    In the spot market the yellow metal is up 0.2% to US$1231 an ounce.

    Weekly long positions fell by almost 30,000 contracts whereas sell or short positions were virtually unchanged.

    A meeting of European finance ministers and Greece has so far produced no compromise to its debt woes.

    If no last-minute deal is agreed between Greece and its creditors, this would bring the country a big step closer to insolvency and doubtless lend support to the gold price, said Commerzbank.

    Some unexpectedly weak US data that unsettled the dollar on Friday and uncertainty over the strength of the ceasefire in Ukraine also gave gold a leg-up, with fighting said to have broken out again in some areas.

    Chinese consumer demand has picked up as the Lunar New Year celebrations have got underway. Barclays said demand had been strong in the run-up to this week, but if last year was a guide will fall off sharply after the holiday.

    Meanwhile, latest figures from the futures report from the Commodity Futures Trading Commission (CFTC), indicated a sharp reduction in the number of bullish gold positions in the week to 10 February.

    Weekly long positions fell by almost 30,000 contracts whereas sell or short positions were virtually unchanged.

     

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