Gold Remains Bearish on Greece’s Debt Situation

Gold futures remained bearish for the third consecutive day on Tuesday in reaction to announcement of Greece for a referendum on its bailout package. Moreover less than expected US manufacturing data also created uncertainty among investors.

ISM’s manufacturing index declined to 50.8 percent for the month of October as compared to 51.6 percent in the month of September.

Gold futures contract for December delivery fell 0.8 percent or $13.40 to settle at $1,711.80 per ounce on Comex trading of the New York Mercantile Exchange.

Chief executive, Ross Norman from Sharps Pixley in London expected the base metal’s support at $1,680 and commented, “Gold is behaving erratically [Tuesday] with some strong currents pushing it in two directions at once, primarily, it is selling on the strong dollar pushing gold lower, and strong physical and [exchange-traded fund] buying from some investors on the other side pushing gold higher.”

Among other precious metals, silver futures contract for December delivery declined 4.7 percent or $1.62 to $32.73. Copper futures contract for December dropped 3.6 percent or $0.13 to $3.50 per pound.

Platinum futures contract for January delivery declined 1.6 percent or $25.60 to $1,582 per ounce while its sister metal palladium for December delivery plunged 2.5 percent or $16.15 to $635 per ounce.

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