GOLD WEBCAST – Gold consolidates below key $1300 level ahead of Greek elections

Otmane El Rhazi from The Bullion Desk.

Pressure from a dollar, which struck a fresh 11-year high against the euro at 1.114, has weighed on gold, while reduced buying overnight in China pushed prices down. The dollar gained after the ECB said it will buy 60 billion euros per month of government bonds and debt securities issued by European institutions from March this year until September 2016 to stoke inflation towards two percent. All eyes will now turn to Sunday’s Greek elections, where Syriza continues to extend its lead in the polls. A victory for the far-left anti-austerity party could set off another eurozone crisis. Gold has therefore continued to benefit from safe-haven inflows on concerns that Greece is moving closer to an exit from the bloc

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