Gold strengthens in dull trade, eyes on Greece
Investors are waiting for euro zone ministers to decide later in the day what terms of a Greek debt restructuring they are ready to accept as part of a second bailout package for Athens. Gold rose 0.62 percent to $1,667.99 an ounce by 0237 GMT as gains on Tokyo futures spilled into the cash market. Gold has risen more than 6 percent so far this year, but stayed below a lifetime high of around $1,920 hit last September. Overall trading was slow in Asia because physical markets in China, Singapore, Malaysia and Indonesia were closed for the Lunar New Year break. "There's a little bit of buying, that's why we see a change in price trend. We've seen physical buying from the general public," said a dealer in Tokyo, referring to private investors. The most active gold contract on the Tokyo Commodity Exchange, December, added 23 yen a gram to 4,138 yen after rising as high as 4,143 yen a gram, its strongest since mid-December. Copyright Reuters, 2012