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Sunday, July 22nd, 2018 - Buy Gold - Bringing you trusted gold news and gold investing information since 2006

Gold To Decline in London Trading Due to Greece Situation

The price of gold is expected to decline in London trading for a second day in a row, with speculations that Greece’s debt crisis is progressing towards a solution, curbing the demand for gold as protector of wealth. Greek Kathimerini newspaper reported that the country is close to an agreement over a fiscal plan and privatisation programme with the European Commission, European Central Bank and the International Monetary Fund, citing sources close the Greek Prime Minister George Papandreou. Greece is currently carrying Europe’s heaviest debt load, and is now seeking additional loans as a result of last year’s EUR 110 billion package not being sufficient to heal its fiscal hole. On May 30, Luxembourg Prime Minister Jean-Claude Juncker, said euro leaders will have decided on a new package for Greece by the end of June, ruling out a “total restructuring” of the country’s debt. Edel Tully, a London-based analyst at UBS AG in London, today said in a report: “Seeming progress in negotiations over a new aid package for Greece keeps gold trapped below $1,540 [an ounce].” Gold reached a record high at $1,577.57 on May 2 as a result of concern about inflation, Europe’s debt crisis, a weakening dollar and the unrest in Libya. 2011 prices are up by 7.8 percent following a climb of 10 years – the longest period of gain in at least nine decades. Yesterday, Moody’s Investors Service put Japan’s debt rating on review for a downgrade. “Dollar weakness and Moody’s having put Japan’s sovereign rating on review for a possible downgrade underpins gold,” Tully added. After dropping to a three-week low, the dollar on Wednesday was little changed against six major currencies. Bullion generally moves inversely to the dollar. By 10:33am London trading saw immediate delivery gold falling 0.2 percent, or $2.20, to $1,532.60 an ounce. Yesterday, gold reached $1,540.78, the highest its been since May 4, bringing it to a month down of 1.8 perc


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