Gold price below Rs 29,000 on Greece worries

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Gold price below Rs 29,000 on Greece worries
Gold prices fell in today's trade reflecting overseas trend due to political uncertainty prevailing in Greece. At 2.30 pm IST, gold for immediate delivery on Multi Commodity exchanges (MCX) was seen trading lower by Rs 176 or 0.61% at Rs 28,745 per 10 grams.

Gold futures fell to its lowest level in four months in the overseas market as strong dollar weighed on the sentiment.

The dollar strengthened against euro and other major currencies on raising concerns over Greece's new party may reject the austerity measures, increasing the possibility of Greece exit from Euro.

Traders and investors are skeptical over recovery of the euro zone debt crisis. Euro has slipped sharply against the US dollar and the basket of currencies. Globally, investors are parking surplus to the dollar due to rising fears about the future of the euro zone.

Domestically, gold price fell due to sluggish demand for physical gold. Gold of 99.9 and 99.5% purity rose to Rs 28,840 and Rs 28,700 per 10 grams, respectively.

Read more about: gold, mcx, futures
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