By Virginia Harrison, MarketWatch
SYDNEY (MarketWatch) — Gold futures gained in electronic trading Monday, with commodity and equity markets heading higher after the Greek parliament approved tough new austerity measures aimed at averting a default.
Gold for April delivery GC2J +0.27% added $5.40, or 0.3%, to $1,730.70 an ounce on the Comex division of the New York Mercantile Exchange during Asian trading hours.
Commodity and equity markets started the trading week on an upbeat note after Greek lawmakers approved a package of austerity measures required to secure emergency funds and stave off an impending default.
International backers had demanded Greece implement the reforms before they would provide the debt-stricken nation with €130 billion ($171.2 billion) in fresh aid.
The vote was made against a backdrop of violent protests in Athens against the latest round of deep spending and job cuts. See report on Greek austerity package.
The euro EURUSD +0.35% got a lift after the vote, while the dollar weakened.
The dollar index DXY -0.30% , a measure of the greenback’s performance against six other major currencies, fell to 78.773, from 79.107 in North American trade late Friday.
A weaker greenback tends to support buying in gold and other dollar-denominated commodities, as it makes them cheaper to holders of other currencies.
Elsewhere in the wider metals complex, copper for March delivery HG2H +0.73% put on 4 cents, or 0.9%, to $3.90 per pound.
March silver SI2H +0.52% added 26 cents, or 0.8%, to $33.87 an ounce.
April platinum PL2J +0.21% gained $3.40, or 0.2%, to $1,663.20 an ounce, while palladium for March delivery PA2H +0.36% rose $2.60, or 0.4%, to $705.65 an ounce.
