Posted by swati jadhav on Friday, July 22, 2011
Gold held near $1,600 an ounce on Thursday as caution over the outlook for the European debt crisis lingered after draft proposals from an emergency EU summit in Brussels were reported, and as concerns persisted over talks to lift the U.S. debt ceiling. The draft conclusions from the summit suggested the euro zone bailout fund, the EFSF, will provide loans to Greece, Ireland and Portugal at a lower interest rate and for longer maturities. Signs that euro zone officials were nearing a deal to bail out Greece knocked gold to a session low of $1,592.69 on speculation the precious metal would lose its appeal as a haven from risk. Prices quickly bounced back, however. "There are a lot of unsolved issues for the time being, and gold reacted really marginally after the draft EU summit conclusions. There was no real profit taking," said Bayram Dincer, an analyst at LGT Capital Management. "There is no shift in risk perceptions, which is really important for gold market participants." Spot gold was flat at $1,600.09 an ounce at 1345 GMT, and is up 12.8 percent so far this year. U.S. gold futures GCv1 for August delivery were up $3.90 an ounce at $1,600.80. Source :- Reuters.
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