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Gold Retreats as Concerns About Greece Wane

February 3, 2015 at 19:03 by Vladimir Vyun

Gold dipped today as investors felt themselves less concerned about the situation in Greece, limiting demand for the metal as a safe haven. The Greek government proposed creditors to swap outstanding debt for new growth-linked bonds. Even though the problems of the country are far from being resolved, market welcomed the announcement. The move reduced fears that the conflict between Greece and the troika will lead to an exit of the country from the eurozone.

While gold retreated as of now, bullion gained intraday due to the string of worse-than-expected reports from the United States. Among them was today’s data that showed a drop of factory orders by 3.4 percent in December. It was a far bigger drop than the predicted 1.8 percent.

April futures for delivery of gold slid 1.34 percent to $1,259.80 per troy ounce as of 18:59 GMT on COMEX today.

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