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Gold Rallies as Eurogroup Meeting Comes to Abrupt End

February 17, 2015 at 2:30 by Vladimir Vyun

Gold gained on Monday and continued to rise during early Tuesday’s trading. The precious metal was in demand due to concerns about a potential exit of Greece from the eurozone. The probability of such an outcome increased after the talks between the indebted country and the Eurogroup about renegotiating of the bailout terms came to an inconclusive ending.

Traders will watch for the Federal Reserve minutes released on Wednesday. Fed’s minutes often have a big impact on the dollar and, to that extent, on gold as the precious metals usually moves inversely to the US currency. Bullion will likely decline in case the minutes will suggest an early interest rate hike.

April futures for delivery of gold advanced 0.37 percent to $1,231.60 per troy ounce as of 2:25 GMT on COMEX today.

If you have any questions and comments on the commodities today, use the form below to reply.

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