Gold futures wavered near $1750 an ounce levels unable to surge further as safe haven appeal for the metal diminished. However the weak US dollar continued to lend support to the metal at lower levels.
Gold has been unable to breach the $1800 mark for more than a year needs some solid reason to breakthrough that level, and the US fiscal cliff could provide the next breakthrough to the metal. The fiscal cliff refers to more than $600 billion of automatic U.S. tax hikes and spending cuts due to occur in January unless circumvented beforehand.
News of a deal to clear the way for Greece’s next aid payment sent the euro higher Tuesday, with the common currency briefly topping the psychologically-important $1.30 handle, while the U.S. dollar lost ground.
The euro changed hands for $1.2987 Tuesday afternoon in East Asia, up from $1.2961 late Monday in North America. The advance came after Greece’s creditors reached a long-awaited deal to pave the way for Athens to receive fresh financial aid
The dollar, meanwhile, moved in the other direction. The ICE dollar index, which measures the greenback against a basket of six other currencies, slipped to 80.114 from 80.227 late Monday.
Gold for December delivery rose 50 cents to $1,750.10 an ounce on the Comex division of the New York Mercantile Exchange during East Asia trading hours.
Greece’s institutional lenders reached a deal to pave the way for Athens to receive almost 44 billion euros (almost $57 billion) of financial aid, while bringing its debt down to a sustainable level.
MCX December gold futures are trading up nearly Rs 55 at Rs 32415 per 10 grams. It may face a resistance near Rs 31475 levels today.
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