Gold extended gains to a second straight session on Tuesday as worries over Greece's future in the eurozone and a decline in global equities supported the safe-haven metal. Spot gold rose 0.3 percent to $1,243.05 an ounce by 0733 GMT, after gaining 0.5 percent on Monday. The metal had hit a three-week low of $1,228.25 last week. Bullion got a boost as nervousness over Greece potentially withdrawing from the euro and escalating conflict in Ukraine sapped risk appetite and hurt stocks.
"With ongoing concerns surrounding Greece and a potential default, as well as the Ukraine crisis, gold should find support and hold above the 55-day moving average at $1,225 and 100 day moving average at $1,217 in the near term," said Jason Cerisola, a metals dealer at MKS Group. Investors tend to bid up gold during times of economic and geopolitical uncertainties. Markets were also eyeing developments in Ukraine. US President Barack Obama signalled on Monday he will wait for the results of high-stakes talks on Ukraine before deciding whether to arm the Kiev government.
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