RTTN; Gold Steady Near 4-month High On Safe Haven Buying
(RTTNews) - The price of gold continued to move higher for a fourth session Friday morning amid a weak dollar. Investors continued to flock to gold as a safe haven after currency markets turned volatile on lingering concerns over the Greece debt situation.
Meanwhile, recent reports indicated that the European Union was working on a bigger multi-year financials rescue package for the debt-ridden Greece.
Gold for June delivery moved up $8.30 to $1,177.10 an ounce, holding on to its around 2% gain this week. Gold rose in the past four sessions after S&P's downgraded the debt ratings of Spain, Greece and Portugal earlier this week.
Meanwhile, the U.S. dollar continued to retreat from its yearly high versus the euro and was ticking lower against the British pound.
Elsewhere, the price of silver ticked higher and platinum was hovering around its 2-year high in morning deals.
Traders will look to GDP data from the U.S, due out later today, to gauge the movements in the currency markets.
