IBT:Gold Rises to its Highest in Over a Week after Greece Bailout Deal
Spot gold rose to its highest in a week and half on Tuesday as the dollar weakened after eurozone policymakers sealed a deal for a second bailout for Greece.
Gold has drifted between $1,700 and $1,750 in the past two weeks, following the ups and downs in Greece's struggle to obtain a much needed rescue package.
"Gold may remain in a consolidation phase in the near term, as it is lacking a catalyst," said Hou Xinqiang, an analyst at Jinrui Futures in the southern Chinese city of Shenzhen.
"The supportive factors -- the euro zone debt crisis and expectation on loosening monetary policies around the world -- have been around for a while and gold needs something new to break the range."
Spot gold inched up 0.4 percent to $1,740.35 an ounce by 0624 GMT, after touching a one-week high of $1,740.49.
U.S. gold rose 1 percent from Friday's close to $1,743.5 following the Greek bailout, catching up with gains in cash prices after the U.S. market shut on Monday for a public holiday.
