MCX Gold News

Gold holds near $1,745 as Greece buys more time for bailout

Golden Investment Research Private Limited

MCX Gold prices held steady around $1,745 an ounce on Wednesday, as investors waited with caution for Greece to grind towards a deal on a rescue package that it urgently needs after missing a string of deadlines.

Athens tested investor's patience yet again on Tuesday by postponing a decision on whether to accept austerity and reform measures in exchange for a 130 billion euro ($172 billion) bailout from the IMF and EU.

MCX Gold could face a short-term pullback if Greece strikes a deal, as it may hurt the appeal of safe-haven assets, but in the long run the lingering euro zone debt crisis is expected to support sentiment in MCX Gold.

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