Gold Edges Lower As Greek Crisis Strengthens Dollar

Gold Edges Lower As Greek Crisis Strengthens Dollar

Gold futures prices declined on Monday, amid Greek voters’ rejection of austerity on Sunday as U.S. dollar rallied diminishing the appeal of the metal as an alternative investment.

On the Comex, Gold futures for August delivery hit by $3.10, or 0.27%, before to trade at $1,164.70 a troy ounce. While, gold fell 0.1% to $1,167.95 an ounce in Singapore.

The greenback jumped to a four-week high against a basket of 10 currencies. The Greeks voted by referendum to reject weekend all other necessary measures to win another rescue, spurring speculation the country will be obliged to leave the Eurozone. Holdings in exchange-traded funds backed by gold, world most declined last week.

The euro fell 0.75% to 1.1031 on Monday, while European shares plunged and yields on Italian government bonds, Spaniards and the Portuguese soared amid fears of a disordered high Greek exit from the euro zone.

To recent reports Greece expressed that about 62% of voters in the referendum had supported the government and rejected the terms of the bailout. The referendum result has added to doubts regarding the future of Greece in the eurozone and deepening a confrontation with its lenders.

Greek Prime Minister Alexis Tsipras welcomed the results of the vote and said Athens was getting back to ransom talks with the stated objective of reopening the banks, which have been closed for more than a week following the imposition of capital controls.

No more emergency funding from the European Central Bank, Greece’s banks are facing a liquidity crisis in a few days. The ECB was discussing if it should maintain of emergency funding to the Greek banks at present restricted level on Monday afternoon.

Finance Minister of Greece frank resigned Monday, removing a great hindrance to any settlement to support Athens in the euro area after the Greeks voted emphatically to support the government in rejecting the terms of austerity ransom.

As participants reduced their positions, largely in line with a weak trend overseas, gold for delivery in August contract was trading lower by Rs 46, or 0.17%, at Rs 26,365 per 10 grams in morning trade on MCX.

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