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Gold Advances in New York as Drop to Five-Week Low Spurs Buying

June 29 (Bloomberg) -- Gold gained for a second day in New York as a drop to a five-week low spurred some investors to buy the metal as an alternative to currencies.

Futures touched $1,490.80 an ounce on June 27, the lowest price since May 20. Greek Prime Minister George Papandreou today clinched enough votes to pass the first part of an austerity plan aimed at meeting European Union aid requirements and staving off a default.

“When gold gets to a reasonable level, we do see the buyers come in,” Frank Lesh, a trader at FuturePath Trading LLC in Chicago, said today by phone. “Just because of the Greece vote, it doesn’t mean that Greece has solved all its problems. All of the drivers for gold remain.”

Gold futures for August delivery rose $10.20, or 0.7 percent, to settle at $1,510.40 at 1:43 p.m. on the Comex in New York. The price gained 0.3 percent yesterday.

Prices are up 6.3 percent in 2011 after climbing the past 10 years. Europe’s debt crisis helped futures reach a record $1,577.40 on May 2. Greece is trying to avoid the euro area’s first default.

Silver for September delivery rose $1.117, or 3.3 percent, to $34.769 an ounce in New York, the biggest jump since May 25.

Palladium futures for September delivery gained $16.75, or 2.3 percent to $751.90 an ounce on the New York Mercantile Exchange. Platinum futures for October delivery climbed $33.10, or 2 percent, to $1,726.60 an ounce on the Nymex.

To contact the reporter on this story: Nicholas Larkin in London at nlarkin1@bloomberg.net

To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net

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