AHMEDABAD (Commodity Online): MCX Gold advanced with investors optimism about the technical picture and prospects for a Greek deal with private bondholders.
Bullion sparkles even as the Euro and other commodities fell, after banking officials told Reuters the agreement between Greece and its creditors was near, which could keep the debt-stricken nation from moving into a chaotic default.
Physical demand for the precious metal in India stayed soft as the weaker rupee made the dollar-priced metal expensive for local buyers. On Monday morning, Gold February delivery contract rose by 0.20 percent to 27581 rupees per kilogram at Multi Commodity Exchange.
Demand prospect is also likely to ease in China, a key market, during ongoing week's Lunar New Year holiday. Overall sentiments looks positive for yellow metals due to support buying from Asia for coming weeks.
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