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- Gold is cheaper against the threat of default in Greece
Gold is cheaper against the threat of default in Greece
Gold fell after the euro-zone finance ministers have demanded further action from Greece, before giving her a new financial aid. Thus, the risk of default remains chaotic and reduces appetite for risk.
The political leaders of Athens reached the long-awaited agreement on austerity measures needed to obtain a new emergency loans from international organizations, and the deal with private creditors on debt swap is almost complete. However, the chairman of the Eurogroup Jean-Claude Juncker said that Greece must find a way to cut costs by another 325 billion euros, as the approaching election, to provide political guarantees that this plan will be implemented.
Anxiety associated with debt-ridden countries in the eurozone and the threat of a recession, does not allow investors to buy gold safely.
The cost of the February gold futures on the COMEX today fell to 1706.4 dollars per ounce.
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