The euro rebounded in Asia following news Greece has agreed with international lenders on an austerity plan that would bring it one step closer to securing much-needed financial aid. But with fears of a potential Greek debt default still in the air and the global economy in a patchy state, gold will remain well supported, analysts say.
"We still are in very uncertain times and it's likely to continue until we see greater signs of economic growth globally, particularly in the United States, and we start to see the European debt situation ease," said Darren Heathcote, head of trading at Investec Australia.
Gold has dropped more than three per cent since hitting a record high of $1,575.79 on May 2, but Investec's Heathcote said it could test that level if the Greek debt situation worsens again.
News that industrialised nations would release oil from emergency stockpiles for the third time in history in a bid to tame high energy prices that have been weighing on the global economy could cap gold's gains, but should boost prices of industrial metals.
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