Mcx gold tips : The yellow metal succumbed to slim losses in the domestic market on Monday as the strength of the dollar held back demand for Gold as an alternative asset. The dollar rallied as investors sought shelter in safe haven assets after a decisive “no” vote at a Greek bailout referendum raised the risk of the country’s exit from the euro, prompting investors to cut risky bets. Sunday’s referendum results showed that 61 % of Greeks voiced against further spending cuts and tax hikes imposed by the country’s creditors, pushing Greece into an economic unknown with its euro membership now in limbo. Euro area finance ministers and leaders will hold an emergency meeting on Tuesday with German Chancellor Angela Merkel warning that time is running out for Greece to reach a plan to remain a part of the euro while the European Central Bank (ECB) tightened liquidity norms for the cash-strapped Greek banking and financial system. However, gold received some support from speculation of further aggressive policy easing measures in China to stem a stock market rout, which may help bolster gold demand in one of the world’s leading bullion consumers. The precious metal may ink a rebound today as traders eye the outcome of a Euro area emergency meet to discuss Greece, bolstering safe haven inflows into the bullion.
At the MCX, Gold futures for August 2015 contract closed at Rs 26,328 per 10 gram, down by 0.09 per cent after opening at Rs 26,369, against the last closing price of Rs 26,352. It touched the intra-day low of Rs 26,187 till the closing.
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