Forex Markets

Gold Bullion outlook for march

  NY Time
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Gold fell to a two-week low on Thursday morning, as fears of a Greek debt-rating downgrade left EUR/USD vulnerable to selling pressures.

The ‘lower gold price is dictated by the weakness in the euro,’ said Bayram Dincer of LGT Capital Management. ‘Short term, higher risk aversion will not benefit gold, as this risk premium is already incorporated in the gold price,’ he explained. [2] A Greek debt-rating downgrade would increase the country’s bond yields further, making it more expensive to replenish the health of the Greek economy.

Tetsuya Yoshii, the vice president for derivative products with Mizuho Corporate Bank believes that gold may continue to drop on the back of additional dollar strength. ‘Investor money looking for safe assets should be the factor’ driving gold lower, said Mr Yoshii. Bullion ‘might have a $20 to $40 correction on the downside,