Gold drops after Greek elections
27/01/2015 12:08
Gold futures fell by 0.74 per cent on Tuesday at the domestic markets as immediate concerns about Greece's exit from the euro zone waned and investors looked ahead to the Federal Reserve and US data this week. The appetite for safe-haven assets weakened after jitters over the Greek election diminished. Greek leftist party Syriza formed a coalition government with the right-wing Independent Greeks party on Monday. Further, a stronger dollar reduced the appeal of the bullion as an alternative asset. Stronger dollar makes the precious metal expensive for those holding other currencies, thus reducing demand. At the MCX, Gold futures for February 2015 contract was trading at Rs 27,657 per 10 gram, down by 0.74 per cent after opening at Rs 27,765, against the previous closing price of Rs 27,864. It touched the intra-day low of Rs 27,569 till the trading. (At 11.55 AM today).
27/01/2015 12:08
Gold futures fell by 0.74 per cent on Tuesday at the domestic markets as immediate concerns about Greece's exit from the euro zone waned and investors looked ahead to the Federal Reserve and US data this week. The appetite for safe-haven assets weakened after jitters over the Greek election diminished. Greek leftist party Syriza formed a coalition government with the right-wing Independent Greeks party on Monday. Further, a stronger dollar reduced the appeal of the bullion as an alternative asset. Stronger dollar makes the precious metal expensive for those holding other currencies, thus reducing demand. At the MCX, Gold futures for February 2015 contract was trading at Rs 27,657 per 10 gram, down by 0.74 per cent after opening at Rs 27,765, against the previous closing price of Rs 27,864. It touched the intra-day low of Rs 27,569 till the trading. (At 11.55 AM today).
