Gold, oil rise on Greek election hopes

LONDONKUALA LUMPUR, Nov 3 (Reuters): Spot gold and crude oil edged up Thursday as investors bet a possible collapse of Greece's government would kill plans for a referendum on the country's bailout package, forcing it to accept EU aid and avoid a disorderly default. The euro rose versus the dollar after two Greek ruling party lawmakers said they do not support Prime Minister George Papandreou's call for a referendum on the EU rescue package, raising hopes for an early election, not a referendum. Speaking at a meeting of G20 leaders, France and Germany made it clear that Athens must decide urgently whether it wants to stay in the 12-year-old currency bloc. "If (the Greeks) declare no referendum, yes, markets will take it as a short term positive but that still leaves the long term difficulties in place," said Sean Corrigan, chief investment strategist at Diapason Commodities Management. Brent crude for December rose 0.7 per cent to $110.09, while three-month copper on the London Metal Exchange fell 0.32 per cent to $7,860 a tonne, off a day low of $7,673.