Gold has posted losses on Monday, as the metal trades at a spot price
of $1285.80 per ounce in the European session. Gold has lost ground
following the election win in Greece by a far-left party. There are no
US releases on Monday.
Greeks went to the polls on Sunday, and the far-left Syriza party emerged victorious. Syriza ran on a platform of ending the crushing austerity scheme which Greeks have endured as part of the €240 billion bailout negotiated between and the EU, ECB and IMF. Predictably, the euro fell after the election results, slipping to 1.1099. However, the common currency has stabilized, gaining over 100 points on Monday. Syriza’s win certainly throws a monkey wrench into the Greek bailout program, but the new Greek government is likely to negotiate a deal with Greece’s creditors. A Greek exit from the Eurozone may make for interesting headlines, but such a scenario is extremely unlikely. Indeed, Greek Prime Minister-elect Alexis Tsipras has promised to keep Greece in the Eurozone. Following some volatility immediately after the Greek election results, the markets are calm on Monday. This is underscored by strong gains by the euro as well as the drop in gold prices.
Read more Click here / www.trade4x.net
Greeks went to the polls on Sunday, and the far-left Syriza party emerged victorious. Syriza ran on a platform of ending the crushing austerity scheme which Greeks have endured as part of the €240 billion bailout negotiated between and the EU, ECB and IMF. Predictably, the euro fell after the election results, slipping to 1.1099. However, the common currency has stabilized, gaining over 100 points on Monday. Syriza’s win certainly throws a monkey wrench into the Greek bailout program, but the new Greek government is likely to negotiate a deal with Greece’s creditors. A Greek exit from the Eurozone may make for interesting headlines, but such a scenario is extremely unlikely. Indeed, Greek Prime Minister-elect Alexis Tsipras has promised to keep Greece in the Eurozone. Following some volatility immediately after the Greek election results, the markets are calm on Monday. This is underscored by strong gains by the euro as well as the drop in gold prices.
Read more Click here / www.trade4x.net
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