Otmane El Rhazi from
The Bullion Desk.
- Continued uncertainty surrounding Greece is providing support, with Barclays noting this morning that the likelihood of its exit from the eurozone is now higher than at any point in 2012. The Greek government is set to meet eurozone finance ministers today in Brussels to renegotiate the terms of its 240-billion-euro bailout before a February 28 deadline.
- If negotiations do not end positively on Monday, Eurozone ministers will decide at a second meeting on Wednesday whether or not to extend Greece’s emergency liquidity assistance programme.
- Investors will also keep a close watch on Ukraine after a ceasefire that came into effect on Sunday, although there are multiple reports that the agreement has already been breached in the Debaltseve region.
- As well, the week-long Chinese Spring Festival starts on Wednesday, which may have downside implications for the gold market while physical demand that has underpinned prices since the beginning of the year fades away.
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