Gold rises at the expense of the euro

FXstreet.com (Sydney) – Gold futures reversed recent losses and have risen for the first time this week. Gold futures for delivery in April rose 1% or USD 11.30 to USD 1108.50 an ounce on speculation that budget deficits in Europe will lift demand in lieu of the EUR.

The EUR has fallen close to 0.6% against the dollar on concerns that Greece’s credit rating may be lowered. The EUR has fallen 5.5% against the dollar this year, as the Greek deficit threatened to get out of control.

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