Gold rebounds above 1,500-dollar mark

09:36, June 29, 2011      

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Gold futures on the COMEX Division of the New York Mercantile Exchange on Tuesday rebounded to settle above the 1,500 U.S. dollars mark, the first rise of the recent four trading days.

The most active gold contract for August delivery gained 3.8 U. S. dollars, or 0.25 percent, to 1,500.2 dollars per ounce.

Market analysts said that concerns over Greece's debt problem and a weaker dollar spurred demands for the metal as an alternative investment.

The Greek parliament will vote this week on austerity measures and Prime Minister George Papandreou called on lawmakers to obey their "patriotic conscience" and back the measures. Investors widely believed that the parliament is likely to vote in favor, paving the way for the country to secure outside aid.

Meanwhile, the dollar traded lower against other major currencies, which also underpinned the metal. The dollar index declined to 75.065 from Monday's 75.452.

Besides, rallies in other commodities, including crude oil and agricultural products, helped to buoy up gold price.

Silver for July delivery inched up 5.3 U.S. cents, or 0.16 percent, to 33.638 dollars per ounce. Platinum for July delivery hiked 18.7 dollars, or 1.1 percent, to 1,691.7 dollars per ounce.

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