Today Greenback influence erodes Bullion’s luster as on 07 July, 2015

The yellow metal continued to lose sheen on Tuesday as a stronger dollar eroded the appeal of Gold as an alternative asset, overshadowing a rise in global risk aversion that has made the precious metal more attractive in light of the events in Greece as investors seek shelter in safe haven assets and cut down risky bets.

A powerful greenback makes Gold more costly  for those holding other currencies, dampening demand for the bullion.

Nevertheless, Gold remains a beneficiary of strong safe haven demand as Euro area leaders warned Greece to quickly come up with a plan to revive talks with its creditors, meaning that a Greek departure from the Euro area is quite a probable scenario. Traders will eye the outcome of a Euro area emergency meet to discuss Greece today.

At the MCX, Gold futures for August 2015 contract is trading at Rs 26,243 per 10 gram, down by 0.32 per cent after opening at Rs 26,276, against the previous closing price of Rs 26,328. It connect the intraday lowest of Rs 26,224. (At 11:18 AM).

silver ekes out slim gains as Greece defaults

Silver in This August contract was trading at Rs. 36079 low Rs 92, or 0.25 %. The SILVERMIC price touched anintra-day Up of Rs 36314 and an intra-day low of Rs 36011. So far 14476 contract have been traded. SILVERMIC prices have moved low Rs 257, or 0.71 % in the August series so far. Mcx SILVER November contract was trading at Rs 36821 low Rs 96, or 0.26 percent. The SILVERMIC price touched an intra-day Up of Rs 37039 and an intra-day down of Rs 36764. So far 852 contracts have been traded. SILVERMIC prices have moved low Rs 1879, or 4.86 % in the November series so far. MCX SILVERMIC Feb. contract was trading at Rs 37710 low Rs 235, or 0.62 %. The SILVERMIC rate touched an intraday Up of Rs 37935 and an intra-day down of Rs 37700. So far 32 contract have been trade. SILVER prices have moved low Rs 2690, or 6.66 % in the February series so far.