Back
9 Feb 2015
Gold gains in EUR terms
FXStreet (Mumbai) - Gold prices gained strength in the EUR terms after Greece reaffirmed rejection of bailout before the emergency EU meeting.
Metal up on safe haven appeal
Gold prices were up in the Asian session after a weak Chinese trade data showed a further economic slowdown in the world’s second largest economy. The metal extended gains after Greek PM Alexis Tsipras reaffirmed his government’s rejection of Greece’s international bailout program before Wednesday’s emergency meeting of the euro area’s finance ministers to discuss the country’s financing needs. He vowed to increase the minimum wage, restore the income tax-free threshold, halt infrastructure privatizations, and ask for World War II reparations from Germany, in a speech that sets him on a collision course with the country’s creditors.
The yellow metal also finds support from the weakness in the European equities. The German benchmark equity index DAX is trading 1.37% lower at 10,697.30 levels.
Gold (EUR) Technical Levels
The metal is up 0.57% at EUR 1096.93/Oz levels. The immediate resistance is located at 1113.27 and 1122.66 levels. On the flip side, support is seen at 1090.46 and 1084.20 levels.
Metal up on safe haven appeal
Gold prices were up in the Asian session after a weak Chinese trade data showed a further economic slowdown in the world’s second largest economy. The metal extended gains after Greek PM Alexis Tsipras reaffirmed his government’s rejection of Greece’s international bailout program before Wednesday’s emergency meeting of the euro area’s finance ministers to discuss the country’s financing needs. He vowed to increase the minimum wage, restore the income tax-free threshold, halt infrastructure privatizations, and ask for World War II reparations from Germany, in a speech that sets him on a collision course with the country’s creditors.
The yellow metal also finds support from the weakness in the European equities. The German benchmark equity index DAX is trading 1.37% lower at 10,697.30 levels.
Gold (EUR) Technical Levels
The metal is up 0.57% at EUR 1096.93/Oz levels. The immediate resistance is located at 1113.27 and 1122.66 levels. On the flip side, support is seen at 1090.46 and 1084.20 levels.