Gold Edges Higher but Upside Capped by Uncertainty in Greece. Oil Pares Gains

Gold rises for a second day in tandem with broad-based rallies in commodities. The benchmark contract extends gains to 1144 after adding +0.3% yesterday. The talk between Greece, the EU, the ECB and the IMF remains the biggest overhang. Unlike crude oil, gold did not have a big jump yesterday. We believe this was driven by weakness in the euro and gold's lower correlation with stock markets.

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Gold Edges Higher but Upside Capped by Uncertainty in Greece. Oil Pares Gains