Gold Hold Gains Above Four-Month Low as Dollar Weakens, Eyes on Greece

Gold Hold Gains Above Four-Month Low as Dollar Weakens, Eyes on Greece

Prices of gold futures rose above a at least four months in European hours of the morning on Friday, as demand for the US greenback weakened after pessimistic unemployment claims data on Thursday, as euro firmer on signs of progress in the efforts of Greece’s debt-hit to secure fresh funding.

On the Comex, gold futures for August delivery were up 0.10% at $1,160.40. Spot gold was up 0.1 percent at $1,160.68 an ounce.

The dollar weakened after data on Thursday showed unemployment claims in the United States rose at its highest level since February last week.

The Greek Government forwarded a package of reform proposals to its creditors in the euro zone on Thursday in a race to gain new money for avoiding bankruptcy and seek a congressional vote on Friday for supporting immediate action.

The Euro appreciated versus the dollar mentioned in the News, making dollar-denominated assets such as gold cheaper for buyers using other currencies.

Athens was seeking at least € 50 billion within the next three years. In return, the government introduced a series of austerity measures that will to a total of between € 12 billion and € 13 billion is said – significantly higher than that earlier commitments of Greece.

The extent brought Greece a step closer to an agreement with its European creditors, who plan to take a final decision on Sunday on whether to grant emergency loans additional countries.

Meanwhile, the Greek government bank closures and € 60 daily limit retreats ATMs was spread until Monday.

The Labor Department reported that the number of individuals apply for unemployment benefits in the week ended July 4 increased by 15000-297000 total of 282,000 the previous week.

Currently, with a gain of 0.2 percent on MCX gold is trading around Rs 26,100.

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Posted in Commodity, MCX, Stocks Market

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