Gold futures down on Greek debt extension rumors

Gold futures down on Greek debt extension rumors

Bullion received a boost early in the day as nervousness over Greece potentially withdraw from the euro. Image Source: http://cnb.cx/1z4oM14

 

Gold futures edged lower on Tuesday after the rumors of a possible six-month extension of the debt of Greece.

On the Comex, US gold futures for April delivery was dropped $4.20, or 0.34%, to trade at $1237.30 a troy ounce.

Gold shortly hit lowest levels of logon after there were rumors that the European Commission could propose an extension of six months a Greek bailout program, which is expected to end on February 28.

Bullion received a boost early in the day as nervousness over Greece potentially withdraw from the euro and escalating of conflicts in Ukraine sapped risk appetite and damage to populations.

The markets were also observing events in Ukraine. US President Barack Obama said Monday he will wait for the outcome of highest stakes discussions on Ukraine before deciding whether it should be put together the government of Kiev.

Gold futures prices today also declined by Rs 52, or 0.19 percent, to trade at Rs 26,892 per 10 grams for delivery in April at MCX domestic commodity futures market.

Commodity market analysts said Appreciation of the rupee against the dollar in the domestic market is showing pressure on gold, and profit-booking by profiteers at prevailing levels led to fall in gold prices.

The US dollar index versus a basket of major currencies, fell slightly as the currencies of commodities and the euro edged higher even though it was not too far from a maximum of 11 years.

Investors are likely to bid up gold in times of economic and geopolitical concerns. Invest in Gold market with Commodity Advisory 100McxTips.

For commodity market tips, MCX live tips, and trading market latest news & updates  with 100McxTips, follow us on Twitter @100mcxtips and Like on Facebook.  And to contact the reporter on this story email at support@100mcxtips.com or Call: +91-761-4012307

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