“Gold gained for the first time in three days in London as physical buying and concern aboutEurope’s debt boosted demand for the metal.
European finance officials endorsed a bailout for Portugal as Luxembourg Prime Minister Jean-Claude Juncker said the region’s ministers floated the idea of extending Greece’s debt- repayment schedule. Billionaire investor George Soros sold 99 percent of his bullion-backed SPDR Gold Trust assets and all 5 million shares in the iShares Gold Trust, a filing showed. Hedge-fund manager John Paulson kept his SPDR Gold Trust stake.
“There’s still a lot of uncertainty in the euro zone” and some physical buyers consider the price “relatively cheap,” said Bernard Sin, the head of currency and metal trading at MKS Finance SA, a bullion refiner in Geneva. “It’s a trading market and it’s no surprise that big investors liquidated positions. They may reinstate positions at a certain point and it doesn’t necessarily mean that others are going to follow.”
Immediate-delivery gold rose $6, or 0.4 percent, to $1,495.30 an ounce by 11:45 a.m. inLondon. Gold for June delivery was 0.3 percent higher at $1,495 an ounce on the Comex inNew York.”
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