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Gold dips on stronger dollar after Greek vote

Gold bars are stacked at a safe deposit room of the ProAurum gold house in Munich  Gold dips on stronger dollar after Greek vote 2015 01 26T035239Z 1 LYNXMPEB0P03R RTROPTP 2 MARKETS PRECIOUSBy A. Ananthalakshmi SINGAPORE (Reuters) – Gold reversed earlier gains on Monday as a stronger dollar offset safe-haven demand following an electoral win by Greece's anti-austerity party that sparked fears of renewed instability in Europe. Greek leftist leader Alexis Tsipras, whose Syriza party swept to victory in a snap election on Sunday, was set to become prime minister of the first euro zone government openly opposed to bailout conditions imposed by the European Union and International Monetary Fund during the economic crisis. European leaders have said Greece must respect the terms of its 240 billion euro bailout deal, but Tsipras campaigned on a promise to renegotiate the country's huge debt, raising the possibility of a major conflict with euro zone partners. "People are very uncertain about the markets and are wondering whether Greece will break out of the euro zone," said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong, adding this was lending some support to the yellow metal.

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