Gold futures traded steady near $1750 levels after Greece's official creditors, including the International Monetary Fund and European Union, agreed a deal to lower the country's debt burden.
Euro-zone finance ministers agreed a mix of measures that includes an extension of loan maturities, a cut to the interest rates Greece is paying on loans from its international partners and a debt buyback which combined should reduce Greece's debt to "substantially lower" than 110% in 2022.
Greece will receive the payments in four disbursements if formal approval is given by the Euro group by Dec. 13. ‘‘The IMF wanted to make sure the euro partners would take the necessary actions to bring Greece’s debt on a sustainable path,’’ Ms Lagarde told a press conference after 13 hours of talks in Brussels that paved the way for a writing down of some Greek debt. ‘‘I can say today that it has been achieved.’’
The euro zone said overnight it will be in a position to re-start the paying out of 43.7 billion euros ($54.6 billion) in loans to Greece from December 13.
December gold futures on COMEX are trading up 7 cents at $ 1750.3 an ounce in Asia electronic trades today. Yesterday, it fell $1.8 (0.1%) to settle at $1,749.6 an ounce on the Comex division of the New York Mercantile Exchange.
MCX December gold futures may open today’s session near Rs 32350 levels with resistance near Rs 32400 and Rs 32450 levels. Yesterday, it ended higher by Rs 111 at Rs 32,359 per ten grams.
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