News: Gold drops on safe-haven appeal

  1. Gold skidded as its safe-haven appeal faded with Greece taking a much more accommodating stance on its standoff with the European Union on repayment of debt.

    Gold for April delivery fell 1.3% to settle at US$1,260.30 an ounce.

    Worth noting the yellow metal delivered an 8% gain in January, which was its best month in three years.

    Greek Finance Minister Yanis Varoufakis proposed swapping Greek debt for new bonds linked to economic growth and backed down from his earlier demand for creditors to write off part of 315 billion euros it owes to international lenders.


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