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).
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).
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