Last Updated : 20 November 2012 at 13:35 IST
Gold, Silver eye Eurozone meeting on Tuesday
Source :Commodity Online
The Eurogroup will meet this week to discuss a strategy to bring Greece’s debts down to a sustainable level. Disagreement between the EU (European Union) and the IMF (International Monetary Fund) on how to put Greece on a sustainable path is holding back the release of the 31.5 billion euros tranche to Greece.
- Base metals, Crude Oil may trade lower on weak China PMI data; Gold, Silver to be positive
- Spot gold prices increased by 1.58 percent on the back of weak Dollar Index. Further, weak stock markets increased the demand for precious metal as protection of wealth.
- read more
The USDA forecasts 2013/14 Canada rapeseed production at 14.5 million tons, up 9 percent from las..
By Col. Ajay
As per financial astrology, transit OD Sun in Saturn house is ..
NEW YORK (Commodity Online): Gold, sillver and other commodities are keenly eyeing a meeting of eurozone finance ministers on Tuesday.
Global gold and silver prices ended the United States day session solidly higher on Monday. The precious metals markets were boosted by a weaker US dollar index and sharply higher crude oil prices.
The Eurogroup will meet this week to discuss a strategy to bring Greece’s debts down to a sustainable level. Disagreement between the EU (European Union) and the IMF (International Monetary Fund) on how to put Greece on a sustainable path is holding back the release of the 31.5 billion euros tranche to Greece, said ETF Securities in its weekly report on precious metals.
A number of European parliaments need to agree to the payment before it can be dispersed. The continued uncertainty will likely keep markets on edge a while longer.
Global holdings of gold exchange-traded products hit an all-time high last week as investors monitored the Greece and the US “fiscal cliff” situations.
“Concerns the US may not be able to avoid going off the ‘fiscal cliff’ at the end of the year and Greece may have trouble having its next bailout disbursement approved, caused investors to continue to build their gold ETP holdings as a hedge against worst-case scenarios,” the firm noted.
Official data last week confirmed that the Eurozone is back in recession for the first time in three years.
December gold last traded up $19.60 at $1,734.30 an ounce on the Comex division of the New York Mercantile Exchange. Spot gold was last quoted up $19.70 at $1,734.00. December Comex silver last traded up $0.80 at $33.17 an ounce.
- MCX Gold sideways to bullish; resistance 26300
- MCX Copper negative; investors await data releases
- MCX Natural Gas: Trend unclear, traders await EIA data
- China April Platinum imports strong at 294koz, up by 32% y/y: Barclays
- NCDEX Castor Seed, Potato negative; support 3210, 765
- NCDEX Turmeric, Coriander, Maize positive; further gains expected near term