|01-06-2015, 07:17 PM||#1|
Gold prices hit $1,200 on uncertainty over Greek politics
Gold futures traded at $1,200 an ounce, the highest level in almost three weeks on Tuesday, amid uncertainty over Greece’s future in the eurozone amid speculation that the left-wing anti-austerity party Syriza will win the elections later this month.
Investors will be closely looking at minutes of the Federal Reserve`s meeting that was held 16–17 December 2014, in addition to Friday’s U.S. nonfarm payrolls report for further indications on the strength of the recovery in the labor market.
Gold prices received significant support from investors turning towards high-yielding assets such as gold, which raised demand for the metal accordingly.
the bullion appetite grew with the start of the year, especially with the Greek parliamentary elections just around the corner.
The Greek elections could lead to the victory of the Anti-Austerity Alliance, and international rescue packages, which threatens Greece’s membership in the eurozone.
Spot gold gained 0.76% around $1,210 an ounce at 12:11 GMT, compared with the opening level of $1,201 an ounce.
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