The U.S. Comex gold futures retreated 1.61% in the past two days to $1,175.20 on Thursday compared to -0.63% for the S&P 500 Index and -0.15% for the Euro Stoxx 50 Index. The Dollar Index also declined 0.39% to 95.461 in the same period while the crude oil futures have plunged 5.32%.
Greece and its creditors need to quickly agree on a broad deal to address the Greek debt crisis and then work out the details before Athens hits deadlines for repayments, U.S. Treasury Secretary Jack Lew said on Friday.
Finance chiefs from the Group of Seven economic powers met on Thursday to discuss how to revive a faltering global recovery, with the United States leaning on Europe to reach a deal to avert a Greek bankruptcy.
The dollar took a breather on Thursday after hitting its highest level against the yen since 2002, and stocks stuttered as high-flying Chinese shares tumbled and European officials downplayed talk of an imminent deal to keep Greece afloat.
Given the recent performance of GBP/USD the forex markets seem to be veering towards the U.S. raising interest rates first, but there's still a chance that the Bank of England could pip the U.S. Federal Reserve to the post.