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Worries over Greece Boost Gold Safe Haven Appeal

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Gold rose on Monday after Greece imposed capital control and banks were asked to close for a week.

 

Worries over Greece supported the safe haven demand for Gold. Investors turned risk averse by selling equities and buying gold after fears that Greece would exit the euro zone.

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Worries over Greece Boost Gold Safe Haven Appeal

Gold is considered as safe haven metal in the time of turmoil or political uncertainties.

Indian and global equity markets also plunged over worries of a possible Greek debt repayment default.

International spot gold was seen trading at $1,179 an ounce.

Gold futures also rose tracking international market. Gold futures on MCX for August 2015 contract, was trading at Rs 26,743 per 10 grams, up by 0.83 per cent. It touched an intra-day high of Rs 26,868.

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