Gold futures climb 1% on soft dollar, Greek woes boost demand

Gold futures climb 1% on soft dollar, Greek woes boost demand

Gold futures prices gained in a one-week high on Wednesday, as a weaker U.S. dollar combined, after a new budget proposal from Greece snarled efforts to break a standoff with its creditors, boosted the precious metal.

On the Comex, gold futures delivery in August touched an intraday peak of $1,191.80 a troy ounce, before trading at $1,189.00, headed for the biggest gain since May 13.

The talks have this week unable to make progress after Greece presented a deficit budgeting plan which creditors deemed unsuitable, according to two officers concerned in the process. Greek PM Alexis Tsipras scheduled to meet with the leaders of two biggest economies of the eurozone in Brussels on Wednesday.

The gold is addressed a third straight gain, the longest rally since May 18, as the confrontation fueled concern that Greece leave the eurozone. Tensions have been running helped revive bullion, which had fallen over three weeks amid speculation that the Federal Reserve would hike interest rates later this year.

The dollar index, which measures the US currency’s strength against major currencies, was trading at 94.946, down 0.23% from the previous close of 95.166 on Wednesday, the weakest level since May 19.

The Indian rupee followed other currencies in the region and strengthened from its previous close ended at 63.84 per dollar, up 0.13%.

Gold has moved quite weakened. Indeed, gold demand is declining globally. The world’s largest gold fund SPDR Holding fell and also come down 705 tonnes of gold.

MCX gold August futures quoted flat and is trading around Rs 26,850.

For commodity market tips, MCX live tips, Gold-Silver prices 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

MCX Intraday Tips

Advertisements

100McxTips is an experienced Mcx Commodity Research Advisory to predict investors buying and trading trends at various market environments. For free trial advisory on commodity Gold, Silver, Crude, Copper and all Indian Commodities kindly visit us and submit an query form at 100mcxtips free trial tips here.

Posted in Commodity, MCX, Stocks Market

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Free Crude Oil Tips
Free Trial Crude Trading Tips
Contact & Visit Info
+91-761-4012307
M-Sat : 10am - 7pm
NG Trading Tips
Free Trial Commodity Tips
Disclaimer: 100McxTIps would like to remind you that the data contained in this website is not necessarily real-time nor accurate. Bulloin Futures prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore 100McxTips doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .
%d bloggers like this: