D A I L Y B U Z Z
Gold & Silver
On Monday, Gold slided 1% as the dollar rose against the euro after leaders struck a deal to negotiate a Greek bailout, while signals the US Fed Reserve was still on track to increase rates current year also weighed. Greece won conditional agreement to receive a possible USD 95 billion over three years. Spot gold fell to a session low of USD 1,150.78 an scrap earlier and was down 0.6% at USD 1,156.42 an scrap by 2:42 p.m. EDT (1842 GMT), after posting three straight weekly diminish. August delivery of US gold, fell 0.2% to settle at USD 1,155.40 an scrap. Now that a bailout deal has been struck, investors may shift back into riskier assets such as equities which can see the precious metals fall further out of favour, said by "Fawad Razaqzada", a technical expert at Forex.com.
Gold, typically observed as an alternative investment in times of financial & economic uncertainty, had not seen significant retail buying as a result of the Greek crisis, due generally to a robust dollar & possibility of higher US. interest rates, which could increase the opportunity cost of holding gold.
Physical demand for gold was tepid last week as potential investors in China chased bargains in equities after a market selloff, while those in India delayed purchases. Silver went down by 0.9% to USD 15.45 an scrap, palladium rose 1% to USD 655.25 an ounce & platinum rose 0.3% to USD 1,031.75 an scrap.
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