| Normally, turbulence in financial markets stokes safe-haven buying in gold, but this time, turbulence was a non-event for the bullion markets. On the one hand, Greece defaulted on its $1.7-billion payment to the IMF last week and Greek voters rejected the creditors’ terms.
On the other, China’s stock market plummeted, roiling financial markets across the globe. But, gold prices still ended in the red — down by 0.4 per cent for the week at $1,163.7/ounce. In fact, in the first half of the week, gold prices declined quite sharply, oblivious to the tumbling Chinese markets and hit a low of $1,147.4/ounce...............................................Full Article: Source
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