In the indian bullion market mcx Gold held above a five-week low on Friday amid a
weaker dollar and uncertainty over debt-laden Greece, but the
safe-haven metal was set to close down for a third straight week on
expectations of higher US interest rates. Spot gold had climbed 0.4
percent to USD 1,227 an ounce by 0323 GMT. The metal hit a five-week
low of USD 1,216.45 in the previous session, before recovering to
close up 0.3 percent. "Support for gold was well pronounced
around the 100-day moving average of USD 1,216 and this level should
hold over the short term as we await Monday's renewed Greek debt
negotiations," said MKS Group trader Sam Laughlin, adding that
the next level of support was at USD 1,200. Bullion has seen some
upside recently as equity markets have been hit by confusion over
Greece's debt negotiations with its European lenders and its future
in the euro zone.
In the past
fortnight, spot gold prices declined by around 2.5 per cent while Mcx
gold prices rose by around 1.5 per cent. Reports that the Greek
government had dropped calls for a write-off of its foreign debt
sharpened risk appetite, sparking a rally in stock markets.
International spot
silver prices declined by around 6 per cent in the last fortnight
while MCX silver prices also declined by more than 5 per cent. Fall
in gold prices, declining speculative interest and profit booking at
higher levels further dragged down prices.
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