Gold futures hit 3-week high of $1,211.80 amid Greece uncertainty

Gold futures hit 3-week high of $1,211.80 amid Greece uncertainty

Comex gold trade at $1,209.80 a troy ounce, after hitting a daily peak of $1,211.80, the most since December 18. Image Source: http://bit.ly/1zQrNSd

Gold futures prices firmed above $1,200 an ounce on Tuesday, the highest level in almost three weeks, amid uncertainty over Greece’s future in the euro zone prompted investors to seek safety in the metal.

On the Comex , New York Gold futures for delivery in February tacked on $5.80, or 0.48%, to trade at $1,209.80 a troy ounce, after hitting a daily peak of $1,211.80, the most since December 18.

Spot gold was flagged by 0.5 percent to $ 1,210.10 an ounce, adding to gains of 1.3 percent the previous session. Climbed up to $ 1211.70 earlier, also the highest since December 18.

Meanwhile, investors seeking refuge from sharp losses in the oil market amid persistent worries about excess supply in growth.

Asian stocks were hit on Tuesday in oil prices and political uncertainty over Greece is slipping. On Monday, both the Dow Jones Industrial Average futures and the S & P 500 suffered its greatest one-day drop by three months.

“The benchmark Bombay Stock Exchange (BSE) Sensex nosedived by over 900 points in one of its worst falls to trade at 26,937.06 and the NSE Nifty dipped below the 8,200-mark by falling 218 points at pre-close on Tuesday amid overnight losses in US markets, global slump in oil prices and Greek political crisis.”

Major losers that pulled down the Sensex and Nifty were ONGC, Tata Steel, RIL, HDFC Ltd, Tata Motors, Sesa Sterlite, ICICI Bank, SBI, BHEL, Tata Power, TCS, Axis Bank, L&T, Hero Moto, GAIL, Infosys, Dr Reddy, Sun Pharma and Wipro.

At the Multi Commodity Exchange (MCX), price of gold for delivery in February was up by Rs 109 (or 0.40 per cent), to Rs 27,147 per 10 grams, taking positive cues from global markets, as speculators enlarged positions, and global Greece uncertainty influenced the prices of the precious metal at futures trade in the national capital. 100McxTips Analysts said.

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