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Gold steady as Greece worries hit Eurozone

Published: 01:27 17 Apr 2015 AEST

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Gold was again meandering around the US$1,200 mark as the dollar had a mixed day.

The metal has traded between $1,182 - $1,225 range for almost a month now.

Traders report an uptick in demand from India ahead of the Akshay Tritiya festival next week but sentiment remains dominated by movements in the dollar, US interest rates and Europe.

In Europe, Greece is helping to keep the euro-gold price close to its high with speculation growing that a Grexit is inevitable after more disagreements between its new government and the Germans.

US economic data, meanwhile, has been unexpectedly weak in recent days with Empire State manufacturing figures disappointing to follow  a poor set of retail figures. 

Elsewhere, the new gold fix process in London is beginning to take shape with three more banks soon to be signed up, according to reports today.

JP Morgan Chase Bank, Scotiabank, HSBC, Société Générale, UBS, Barclays and Goldman Sachs have already joined, but the new additions will take the total to ten.

The London Bullion Market Association (LBMA) Gold Price replaced the London Gold fixing price in March.

Two hours into trading on Wall Street, spot gold was US$5 lower at US$1,197, silver eased to US$16.26 while platinum shed US$6 to US$1,153.

Major movers

Randgold Resources up 105p at 5,090p

Fresnillo up 6p at 745p

Anglo American down 15p at 1,039p

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