MTECHTIPS:- MCX Gold shows weak trend; Investors eye Greece crisis
Bullion counter may remain on weaker side as investors will now eye the Greece crises and US non-farm payroll data scheduled later today. Good payroll numbers will be negative for bullions. Meanwhile movement of greenback will give further direction to the prices.“Gold can move in range of 26200-26550 and silver can move in range of 34500-36000 in MCX,” SMC Global said in its daily forecast. MCX Gold has been trading down by -0.36 per cent to 26316 level on Thursday(11.39am).Gold fell on Wednesday, as the dollar strengthened and hopes for progress in the Greek crisis revived after the country told international creditors Athens could accept their bailout offer if some conditions were changed. The Greek situation has failed to spark robust safe-haven bids for gold, with bullion investors still focused on an expected increase in US interest rates after more strong economic data. There is scope for the Greek crisis to drive more risk-averse money into gold if it worsens to the point where Greece leaves the euro zone, or if there is contagion into other economies in the bloc, such as Italy, Portugal or Spain.