17:59 GMT18 January 2021
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    Greece's Gordian Knot: Syriza Tackles Austerity (404)
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    Gold is edging up amid the lack of a breakthrough on Greece’s 317 billion euro debt to the ‘troika’ of its international lenders.

    Gold futures for April delivery were up $0.4 in Thursday trading in New York to hit $1,220 per ounce as an emergency meeting of the Eurogroup failed to decide on ways to deal with the lingering Geek debt issue.

    Silver futures for next month dipped 0.75% to close at $16.64 per ounce.

    During Thursday’s emergency session of the Eurozone’s finance ministers the Greek Finance Minister Yanis Varoufakis proposed signing a bridge agreement to finance the country’s everyday needs pending a final decision on restructuring its foreign debt.

    “In global terms, the view over Greece is mixed, with a majority saying the Greek situation will have limited impact on global markets and economies,” Andrew Clarke, director of trading at Mirabaud Securities Asia in Hong Kong, told Bloomberg News.

    “However, there are a few that think that view is slightly naive. If Greece does pull out and defaults on its debt, what will stop Spain, Italy, Ireland and Portugal from doing the same?”

    A pertinent agreement on restructuring the Greek debt is expected to be inked when the Eurogroup meets next on February 16.

    Greece's Gordian Knot: Syriza Tackles Austerity (404)


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