Arab Today, arab today gold recovers as postgreek election optimism
Last Updated : GMT 23:23:41
Arab Today, arab today
Arab Today, arab today

Gold recovers as post-Greek election optimism

Arab Today, arab today

Arab Today, arab today Gold recovers as post-Greek election optimism

London - Arabstoday

Gold prices recovered much of their early losses on Monday as appetite for higher-risk assets, which followed a victory for pro-bailout parties in Greek elections, dwindled and the euro and Spanish and Italian stocks and bonds fell. The metal was still down for the first session in seven after the election dampened talk that Greece was set to exit the euro zone. But pessimism over the euro debt crisis quickly returned. Assets seen as safer such as German government bonds and the dollar recovered from lows, while stocks, the euro and hard commodities pared gains. Spot gold was down 0.2 percent at $1,624.04 an ounce at 0959 GMT, off an early low of $1,606.49. US gold futures for August delivery were down $3.50 at $1,624.60. “The battle has been won, but the war is far from over,” Commerzbank analyst Eugen Weinberg said. “That’s what the markets seem to be looking at this morning already, with the rally proving to be very short-lived. One would have expected it to last for at least the next couple of days.” “It seems the market is still in a negative mood, so we are still expecting the slide on the commodity markets to continue. This is definitely helping gold.” Safe-haven German bunds recovered from lows, while 10-year Spanish government bond yields hit euro-era highs above 7 percent on persistent worries about Spain’s fiscal and banking problems. The euro steadied against the dollar, paring gains, while European shares moved lower. Gold has moved in line with so-called safe havens this month, since poor US jobs data sparked speculation of more monetary easing from the Federal Reserve. Attention now is turning to this week’s monetary policy meeting of the Federal Open Market Committee. The response to the Greek election could potentially affect the FOMC decision, Barclays Capital said in a note. “(We) now expect the FOMC to ease policy further and see a short-term extension of (stimulus programme) Operation Twist as the most likely outcome,” it said. “(That) would give the Fed a few more months to sort out whether the recent softness in data is ... payback for the warm winter weather or a more prolonged slowdown.” “If the latter is the case, then more outright asset purchases that expand the balance sheet (QE3) would become likely,” it said. Waiting for a correction Gold’s early price fall failed to tempt buyers in major consumer India back to the market, dealers said. Indian gold demand is likely to remain sluggish in coming months due to lack of weddings and festivals during the monsoon. “Buying is slow as prices are still high,” Ketan Shroff, director at Mumbai gold wholesaler Pushpak Bullion, said. “People are waiting for (a) correction.” Elsewhere data showed money managers raised net length in gold by around 1 percent in the week to June 12 as signs of a slowing in the U.S. economic recovery fuelled speculation of monetary stimulus from central banks around the world. Holdings of gold-backed exchange-traded funds tracked by Reuters rose last week, with the largest, New York’s SPDR Gold Trust, recording an inflow of 2.6 tonnes. Among other precious metals, silver was down 0.4 percent at $28.56 an ounce. The gold/silver ratio, which measures the number of silver ounces needed to buy an ounce of gold, rose towards its highs for the year on Monday, breaking back above 56, as silver underperformed. “Although investment demand has tapered off lately in the silver market, we still expect a lengthy period of negative real interest rates in the United States to underpin a solid core of investment demand for silver as a non-yielding asset, even in the absence of a renewed round of QE,” Morgan Stanley said in a note. Spot platinum was up 0.6 percent at $1,484.75 an ounce, while spot palladium was up 0.9 percent at $628.75 an ounce.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today gold recovers as postgreek election optimism Arab Today, arab today gold recovers as postgreek election optimism

 



Arab Today, arab today
Arab Today, arab today Prepares to present her new collection

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Optimism on the front line

GMT 07:24 2017 Monday ,20 February

Optimism on the front line
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic

GMT 13:43 2017 Sunday ,19 February

Local institutional buying lifts Oman shares higher

GMT 15:33 2017 Saturday ,18 February

Lock-up shares worth 39 bln yuan eligible for trade

GMT 09:49 2017 Saturday ,18 February

Qatar Stock Exchange Index Gains 190.17 Points This Week

GMT 09:15 2017 Friday ,17 February

Asia stocks retreat after week-long Trump rally

GMT 08:14 2017 Friday ,17 February

Bahrain Bourse daily trading report

GMT 21:28 2017 Thursday ,16 February

US Stocks End High on Tuesday

GMT 21:18 2017 Thursday ,16 February

Chinese Yuan Strengthens to 6.8632 Against USD Wednesday
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Egypt to hold first session of Arab film festival

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 21:49 2017 Thursday ,16 February

Scientists develop new therapy

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday