Home

 
India Bullion iPhone Application
  Quick Links
Currency Futures Trading

MCX Strategy

Precious Metals Trading

IBCRR

Forex Brokers

Technicals

Precious Metals Trading

Economic Data

Commodity Futures Trading

Fixes

Live Forex Charts

Charts

World Gold Prices

Reports

Forex COMEX India

Contact Us

Chat

Bullion Trading Bullion Converter
 

$ Price :

 
 

Rupee :

 
 

Price in RS :

 
 
Specification
  More Links
Forex NCDEX India

Contracts

Live Gold Prices

Price Quotes

Gold Bullion Trading

Research

Forex MCX India

Partnerships

Gold Commodities

Holidays

Forex Currency Trading

Libor

Indian Currency

Advertisement

 
BD: Gold edges lower, investors await clarity over Greece
 
Gold prices slipped lower in early-morning US trading on Wednesday, with investors sidelined after Greece became the first advanced country to default on its debts to the IMF.

Gold for August delivery on the Comex division of the New York Mercantile Exchange fell $6.90 or 0.6 percent to $1,172.10 per ounce. Trade has ranged from $1,165.40 to $1,180.0

After missing an International Monetary Fund (IMF) payment of 1.6 billion euros last night, the future of Greece in the eurozone has reached a critical juncture.

Reports indicate Prime Minister Alexis Tsipras could accept a recent proposal from creditors and cancel the June 5 referendum. But in the latest round of tit-for-tat exchanges, German Chancellor Angela Merkel said no decision will be made till after the referendum.

“National bankruptcy is becoming increasingly difficult to avoid,” Commerzbank said. “The outcome of this Sunday’s referendum will doubtless determine to a major extent whether Greece exits the eurozone.”

The lack of interest from investors in gold is surprising considering its history as a safe haven during turbulent periods, but one market observer said that the ripple effect from a Greek exit will not be felt much beyond the bloc.

“Because the Greek debt is actually in the hands of sovereign powers, unlike at the time of the beginning of the crisis when it was in the hands of investors, the sting of a possible failure will not be directly felt by private investors (hedge funds, banks, brokerage houses),” Heraeus Miguel Perez-Santalla said on Tuesday.

“This means that the threat is not being taken as seriously as at the time of inception over five years ago. Hence the lack of interest in the hard assets since no one is concerned that their money will go up in smoke,” he added.

In data today, China’s HSBC final manufacturing PMI for June at 49.4 missed the expected 49.6 but was above May’s 49.2. The official manufacturing PMI at 50.2 in June was unchanged from the previous month while the non-manufacturing index rose to 53.8 from 53.2.

In the US, the ADP non-farm employment change in June was 237,000, better than forecasts of 219,000. Challenger job cuts year-over-year in June at 42.7 percent was very different from the projected -22.5 percent.

The final manufacturing PMI, the ISM manufacturing PMI, construction spending, total vehicle sales and ISM manufacturing prices are due form the US later.

In wider markets, Germany’s DAX and France’s CAC-40 were up 2.6 percent and 2.8 percent respectively, while the euro was 0.5 percent weaker at 1.1080 against the dollar, its softest in a month.

In the other precious metals, Comex silver for July delivery was effectively unchanged at $15.665 per ounce. Trade has ranged from $15.420 to $15.770.

Platinum futures for October delivery on the Nymex rose $1.60 to $1,083.00 per ounce while the most actively traded palladium contract was at $674.60, up $8.15.

Source