Gold prices remained stable Friday as investors waited for talks on Greek debt, but the metal was heading for its fourth straight weekly fall as a last-minute deal was expected to break the impasse over the landlocked country’s bailout program and markets watched the release of US manufacturing data due the end of the day.
Gold has fallen about 1.75 percent in the week. In this way, gold is going to be filled for the fourth consecutive week decline. Comex gold trading in the range is very small below $1210.
On the Comex division New York Mercantile Exchange, US gold futures for April delivery were steady at $ 1,207.50.
Spot gold remained stable at $ 1,207.60 an ounce, after dropping 0.5 percent in the previous session. The metal has lost 1.8 percent in the week so far, also sink below the $ 1.200 level key briefly on Wednesday.
The demand for the precious metal as a safe haven enhanced after Germany rejected a request to extend rescue ransom proposed of Greece on Thursday. German finance minister Wolfgang Schaeuble stated that “it was not a substantive proposal for a solution” and failed to meet the agreed criteria at the meeting of the Eurogroup of finance ministers from the euro zone on Monday.
By adding pressure was the US dollar, which remained strong after winning against major currencies on Thursday, with traders still looking for the US Federal Reserve to raise interest rates in June despite the obvious caution in the minutes of the last meeting of the Fed’s monetary policy.
Today in the Eurozone and the US, manufacturing PMI figures are coming. MCX gold with marginal gains of 0.1 per cent, is trading around Rs 26,300. Although silver is a good edge. MCX silver gained 0.4 percent, is trading around Rs 36,600.
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