Gold futures fell the
most this year on speculation that an election victory in Greece by the
anti-austerity political party won™t result in the country™s exit from
the euro zone, crimping demand for haven assets.
The euro rebounded
from an 11-year low against the dollar as Greek Prime Minister-elect
Alexis Tsipras pledged to keep the nation within the single currency
area. Gold rose for three straight weeks partly as Europe™s flagging
economy drove demand for a store of value.
After posting two
straight annual declines, gold last week reached a five-month high after
the European Central Bank announced plans to increase economic
stimulus, raising the appeal of alternatives to currencies that are
being revalued. The metal dropped 29 percent in the previous two years
as the American economy improved.
Gold futures for
February delivery dropped 1 percent to settle at $1,279.40 an ounce at
1:44 p.m. on the Comex in New York, the biggest decline for a
most-active contact since Dec. 31. Aggregate trading was 38 percent more
than the 100-day average, according to data compiled by Bloomberg.
Source : Bloomberg
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