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Gold drops after Greeks supported pro-bailout parties, before G20 summit
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- Gold drops after Greeks supported pro-bailout parties, before G20 summit
18/06/2012 08:16:42 AM
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Publish Date18/06/2012 08:16:42 AM
Last Update18/06/2012 08:17:16 AM
Precious-Gold surrendered its gains over the previous six sessions after touching tough resistance at $1630 after Greeks showed their support to pro-bailout parties, before the G20 summit starting today.
The shiny metal failed to continue its rally after Greek elections results showed that the centre-right New Democracy along with Pasok have the ability to form a coalition government, thereby assuaging speculations the Hellenic country would exit the euro bloc.
After counting results of 99.9% of ballots, the interior ministry said New Democracy leads with 29.7% of the vote (129 seats), Syriza comes second with 26.9% (71) and the socialist Pasok records 12.3% (33 seats) in the 300-member parliament.
The announcement had a quick positive impact on the early trades as Asian shares soared, pushing the regional benchmark index to a one-month high, while the European common currency, climbed to the strongest in nearly a month, opened on an upside gap versus the U.S. dollar, yet worries returned once again before the G20 two-day meeting.
The awaited summit taking lace in Mexico is predicted to make the tackling of the European debt crisis on the top priorities as world leaders will put pressure on Europeans to declare a clear plan to combat the European debt crisis.
The meeting may show an agreement among world leaders to double the IMF`s firepower with an extra $430 billion in loans.
Meanwhile, gold is trading lower at $1617.56 an ounce after falling from a high of $1630.58 which remains a solid resistance that is gold is unable to breach.
The U.S. dollar showed an advance, following its drop for four consecutive sessions against a basket of major currencies; the dollar index is currently hovering around 81.64, where it is finding resistance at that level, compared to the day`s opening of 81.35.
Crude oil for July`s delivery is currently trading lower around at $84.00 a barrel from the day`s opening of $85.14.
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