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Gold - On Wednesday Gold moves down near its lowest level since March as the current Greek debt crisis enhanced dollar, balancing any safe-haven need from uncertainty in the euro zone & other precious metals also taking a tumble. FUNDAMENTALS Spot gold was little changed at USD1,155.69 an ounce by 0053 GMT, after dropping about 1 % in the last session. On Tuesday metal fall to USD1,148.05 at one point, its lowest since March 18. Silver decreased 4 % during entire night in its largest daily drop since January and taking the metal to levels last seen in Dec 2014.
"Platinum collapsed to its lowest since 2009, while palladium falls to 2013 lows." The precious metals took a hit as the dollar climbed to a one-month high against a basket of major currencies on Tuesday. A stronger greenback makes the dollar-denominated metals more expensive for holders of other currencies. The dollar has been supported by weakness in the euro as unpredictabily persevered over Greece's providence in the euro zone after it defaulted on a payment to the International Monetary Fund (IMO).Euro zone members have given Greece up to end of the week to come up with a proposal for sweeping reforms in return for loans that will keep the country from crashing out of Europe's currency bloc and into economic ruin. At an emergency summit in Brussels on Tuesday, representatives of the 19-country euro zone said all 28 European Union leaders would meet on Sunday to decide Greece's providence.After Greeks voted last Sunday against talks were arranged, a bailout that circulate stringent austerity measures.
Gold - On Wednesday Gold moves down near its lowest level since March as the current Greek debt crisis enhanced dollar, balancing any safe-haven need from uncertainty in the euro zone & other precious metals also taking a tumble. FUNDAMENTALS Spot gold was little changed at USD1,155.69 an ounce by 0053 GMT, after dropping about 1 % in the last session. On Tuesday metal fall to USD1,148.05 at one point, its lowest since March 18. Silver decreased 4 % during entire night in its largest daily drop since January and taking the metal to levels last seen in Dec 2014.
"Platinum collapsed to its lowest since 2009, while palladium falls to 2013 lows." The precious metals took a hit as the dollar climbed to a one-month high against a basket of major currencies on Tuesday. A stronger greenback makes the dollar-denominated metals more expensive for holders of other currencies. The dollar has been supported by weakness in the euro as unpredictabily persevered over Greece's providence in the euro zone after it defaulted on a payment to the International Monetary Fund (IMO).Euro zone members have given Greece up to end of the week to come up with a proposal for sweeping reforms in return for loans that will keep the country from crashing out of Europe's currency bloc and into economic ruin. At an emergency summit in Brussels on Tuesday, representatives of the 19-country euro zone said all 28 European Union leaders would meet on Sunday to decide Greece's providence.After Greeks voted last Sunday against talks were arranged, a bailout that circulate stringent austerity measures.
"Gold, usually seen as an alternative investment in terms of financial
& economic unpredictability has failed to see notable safe-haven
buying due to the Greek crisis as fears of contagion seem to be
inadequate."Click here for more Share Market Tips
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