Gold loses its winning streak following Greek elections

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Gold loses its winning streak following Greek elections
Gold futures lost its six-day winning streak over Greek elections, reflecting overseas trend. Sentiments were affected as Greece exit from eurozone faded, which made gold to lose its sheen.

Speculators reduced their positions in tandem with the overseas trend.

Investors preferred to book profits after Greek elections. International spot gold was seen trading at US$1,624 an ounce. However, traders kept an eye on the outcome of the G-20 meeting starting Monday and a U.S. Federal Reserve meeting on June 19-20, 2012.

Domestically, gold of 99.9 and 99.5% purity was seen at Rs 30,425 and Rs 30,225 per 10 grams, respectively.

Gold for August contract delivery on Multi Commodity Exchange (MCX) opened at Rs 30,165 per 10 grams and was trading at Rs 30,164 per 10 grams. Gold for October contract was trading at the level of Rs 30,474 today.

MCX silver futures edged lower by Rs 91 per kg, silver for July delivery was seen trading at Rs 54,450 per kgs.

Spot gold on MCX was trading lower at Rs 29,908 per 10 grams. Gold which used to be one of the most attractive options during the times of economic uncertainties has somehow lost its 'flight to safety' tag.

Read more about: gold, silver, futures, mcx
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