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December will see the lion's share of money being paid out to Greece with the rest being handed over in Q1, 2013. But this presupposes that Greece fulfills its tough austerity pledge.

27 Nov 2012

BEIJING (Commodity Online): As the Greek debt deal is clinched by the troika of European Central Bank, IMF and Finance Ministers of Europe, Euro strengthened against Dollar which helped gold prices to climb. Meanwhile a Chinese analyst is of the opinion that gold may test $1,800 levels this week.

“As investors once again gain confidence in Europe after leaders give Greece another chance, that will help the euro and in turn gold,” said Wang Xiaoxi, an analyst at Beijing Capital Futures Co., a unit of the Chinese capital’s investment arm to Bloomberg.

“The market may try for a test of $1,800 this week.” he added.

Spot gold prices have climbed to $1,749.94 an ounce at 10.50 am IST even as gold for February delivery on the Comex was seen trading at $1752.55 an ounce, a gain of 0.03%.

On India's MCX, gold for December delivery was seen trading at Rs.32425 for 10 grams, a gain of 0.20% as of 10.41 am IST.

As per the debt deal, the debt levels of Greece will be brought down to 124% of GDP by 2020. This has cleared way for the tranche of funds to be released in aid of the debt-stricken nation to the tune of 43.7 billion euros.

December will see the lion's share of money being paid out to Greece with the rest being handed over in Q1, 2013. But this presupposes that Greece fulfills its tough austerity pledge.


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