Gold prices moved lower, once again impacted by the uncertain Greek scenario.
European officials have been reported to be more stringent in terms with the austerity measures, now stating that the Greeks have to identify an additional US$431mn in spending cuts, as debt ratios remain high.
Moreover, certain government officials from Europe have specified that they would adopt a wait and watch policy in regard with approving monetary bailout until there is substantial evidence that the austerity measures were actually being implemented.
In European bond markets, yields on Greek 10-year bonds rose almost 100 basis points to 32.91%, while yields on Spanish and Italian bonds also rose.
Courtesy: IIFL
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