Gold price dips as equities recover after Greek vote

27/01/2015 06:09 AST

Gold fell more than 1 per cent on Monday as traders cashed in gains that took the metal to five-month highs last week, with the wider markets shrugging off news that an anti-austerity party had won elections in Greece.

Greek leftist leader Alexis Tsipras, whose Syriza party swept to victory in a snap election on Sunday, was set to become prime minister of the first euro zone government openly opposed to the bailout conditions imposed by the European Union and International Monetary Fund during the economic crisis.

Greek stocks fell on the news but the broader European share market was firmer, focusing on the positive impact of the European Central Bank’s bond-buying plan unveiled last week.

Spot gold was down 1.3 percent at $1,277.41 an ounce by 1529 GMT, off an earlier low of $1,275.75. U.S. gold futures for February delivery were down $15.10 at $1,277.50.

Gold’s rise to its highest price since mid-August last week left it overstretched, analysts said, and the price eased as the uncertainty surrounding the Greek election cleared.

“With the event risk out of the way, now that everyone knows what’s going on in Greece sentiment has calmed somewhat,” ABN Amro analyst Georgette Boele said. “The recovery in sentiment is hurting gold prices somewhat.”


Agencies

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