IBT:Gold Prices Waiting for Outcome of Greece-Troika Dance
Gold prices hovered in a narrow range Wednesday, with little support from crude oil prices or the euro amid uncertainty about whether Greece will accept slightly easier bailout terms from western finanical authorities, known collectively as the troika.
The European Central Bank agreed that if talks between itself, the European Commission and the International Monetary Fund, on the one side, and Athens on the other side, succeed it will swap the Greek bonds it bought in the secondary market last year at a price below face value, The Wall Street Journal reported.
Talks between Athens and the troika were set to resume Wednesday, after missing yet another deadline the day before to come to a decision, amid continuing protests by Greeks citizens angry at the continuing government budget cuts and tax hikes that are the price of being financially rescued.