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Gold rebounds above $1,200 as Greece concerns rise

Published: 00:10 18 Apr 2015 AEST

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Gold rose above US$1,200 today as new fears emerge about Greece’s ability to meet its financial obligations.

The International Monetary Fund meets today in Washington and one of the hot topics will be the problems caused by a potential Greece defection from the Eurozone.

Clearly there will be no quick agreement between Greece and its creditors and the IMF managing director Christine Lagarde has said she is not be willing to extend Greece’s debt.

Earlier, German finance minister Wolfgang Schaeuble said Greece must commit to the reforms set out by its creditors to receive more aid. 

Gold was stronger against the dollar and the euro today but not by as much as some experts thought.

Commerzbank said gold demand at the moment is relatively subdued, at least as far as coin sales in the US are concerned, with only 10,000 ounces of gold coins sold so far in April. 

This is roughly a quarter of the level of the entire month of April last year it said. 

Gold traded at US$1,203, US$4.5 higher than yesterday.

Silver also rose to US$16.32 while platinum traded at US$1,162.

Major Movers

Randgold Resources down 55p to 5,025p

Anglo American down 35p to 1,003p

Fresnillo down 1.8% to 730p.

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