Gold prices on Comex broke above USD 1240 levels and climbed higher on increased safe haven bids for gold amid renewed geopolitical crisis in Greece and Ukraine.
Gold gains on broad based risk-aversion
Currently, gold trades higher by 0.62% at 1242.30 levels, having posted fresh daily highs at 1243 levels some minutes ago. Gold prices edged higher after Greece’s insistence of going ahead with the bridge-loan and disagreement with the ECB sparked renewed worries over Grexit and eventually a collapse of the shared currency. Moreover, deepening crisis in Ukraine also revived investors' appetite for the precious metal as a safe-haven asset.
Earlier in the day, the yellow metal received support from soft Chinese data which fuelled concerns over China’s growth prospects, boosting gold’s demand as a safe haven asset.
Gold Technical Levels
The metal has an immediate resistance at 1246 and 1252 levels. Meanwhile, support stands at 1234 levels below which doors could open for 1228 levels.
Gold gains on broad based risk-aversion
Currently, gold trades higher by 0.62% at 1242.30 levels, having posted fresh daily highs at 1243 levels some minutes ago. Gold prices edged higher after Greece’s insistence of going ahead with the bridge-loan and disagreement with the ECB sparked renewed worries over Grexit and eventually a collapse of the shared currency. Moreover, deepening crisis in Ukraine also revived investors' appetite for the precious metal as a safe-haven asset.
Earlier in the day, the yellow metal received support from soft Chinese data which fuelled concerns over China’s growth prospects, boosting gold’s demand as a safe haven asset.
Gold Technical Levels
The metal has an immediate resistance at 1246 and 1252 levels. Meanwhile, support stands at 1234 levels below which doors could open for 1228 levels.
