Gold hits 7-week low on Greek debt deal, China absence

Gold fell to its lowest in seven weeks on Monday, as the dollar and shares gained after a Greek debt deal was struck, removing investor flight for safety, while the absence of major consumer China also took its toll.



Spot gold dropped 0.9 per cent to its lowest level since Jan 9 at $1,191.01 an ounce before rising slightly to be down 0.7 per cent at $1,193.30 by 1026 GMT. The metal has posted four straight weeks of declines, dented by a strong dollar, expectations of aUS interest rate hike and hopes of a deal between Greece and its lenders.



Silver fell 0.6 per cent to $16.15 an ounce, while platinum dropped to a fresh 5-1/2 year low at $1,150.80 an ounce. Palladium fell 0.5 per cent to $773.40 an ounce.



Key events for gold prices this week could be Federal Reserve Chair Janet Yellen’s semiannual address to the Senate Banking Committee on Feb. 24 and a raft ofUS economic data.



However, holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.23 per cent to 771.25 tonnes on Friday — a second straight day of inflows.



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Posted in: Indian Market Tips