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Gold rebound in today's trade, Greece vote eyed

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Gold rebound in today's trade
Gold is trading high after making sharp losses in a previous day's trade as the dollar weakened against the euro.

Gold for immediate delivery was seen trading at Rs 22,142 / 10 grams 3:35 p.m IST while Gold for August delivery on MCX was trading at Rs 22,138 at 3:35 p.m. IST.

 

Expectations among the investors are growing as the euro rallied on hopes that the Greece's parliament will pass an austerity plan to avoid sovereign debt default. These sentiments are aiding investors risk appetite.

Despite the recent retreat in prices, gold is still one of the best performing commodities in the second quarter, rising 4% while most other goods dropped in price.

As gold and dollar share an inverse relationship, a weaker dollar against euro cushioned for bullion prices.

Over the long run, analysts said gold's prospects will remain integral, as economic and fiscal uncertainties on both sides U.S and Europe are expected to continue boosting the appeal of the metal, seen as a safe haven during times of financial distress.

The U.S economy continued to show signs of deceleration, as consumer spending failed to rise in May, breaking 10 straight months of gains.

Around the broader metals complex, silver for July delivery (MCX) was seen at Rs 50,933 at 3:55 p.m IST and Copper for August delivery (MCX) was seen at 404.05.

OneIndia Money

Read more about: gold silver commodity dollar
Story first published: Tuesday, June 28, 2011, 16:24 [IST]
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