Gold Eases to near $1260 as Greek Plan Boosts Equities

Gold was steady but failed to rebound on Wednesday after falling more than 1 percent in the previous session as Greece’s plan to end a standoff with creditors lifted the appetite for risky assets such as equities.

Spot gold was little changed at $1,260.86 an ounce by 0018 GMT, after falling 1.2 percent on Tuesday. That marked gold’s fourth drop in five sessions.

U.S. gold for April delivery was also nearly flat at $1,261.50 an ounce.  Greece’s new government dropped calls for a write-off of its foreign debt and proposed ending a standoff with its official creditors by swapping the debt for growth-linked bonds.

CNBC

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.