On the Comex division of the New York Mercantile Exchange, gold futures for June delivery traded up 0.66% at USD1,558.55 a troy ounce. Gold hit at a low of USD1,557.85 a troy ounce and hit a high of USD1,563.15 a troy ounce during the session.
Gold futures were likely to test support at USD1,533.25 a troy ounce, the low on May 23, and resistance at USD1,594.35, the high from May 22.
Greece is moving closer to abandoning the euro, which has sent the dollar soaring. The dollar and gold normally trade inversely with one another.
Greece will hold parliamentary elections on June 17, and fears are building that enough anti-austerity candidates will win and reject belt-tightening measures past administrations accepted in exchange for bailout money, which could precipitate a Greek exit from the currency zone.
A summit is underway among European leaders to brainstorm ways to contain the debt crisis and eventually end it, though fears that no concrete measures will emerge from the meeting sent gold falling before it rebounded amid bottom fishing.
Calls for the continent Eurobonds are back in play, although policymakers in European paymaster Germany have rejected that idea in the past on the grounds it asks Greece's neighbors to unfairly saddle the country's debt.
Talk that alternative financing mechanisms such as infrastructure bonds may gain favor among those otherwise opposed to Eurobonds boosted gold as well.
Elsewhere on the Comex, silver for July delivery was up 0.80% and trading at USD27.740 a troy ounce, while copper for July delivery was down 0.70% and trading at USD3.427 a pound.
For the latest updates on the stock market, PRESS CTR + D or visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today
Related Post:
gold
- Gold will climb toward $1,900 an ounce first half 2013
- Why Gold prices down analysis jan 7 2013
- Gold Prices expected Bullish Next Week
- Analysis forecast Gold prices in india 2013
- Why gold futures prices Down, Analysis december 26 2012
- Analysis gold prices for next week december 17-21 2012
- Goldman Sachs forecasts gold prices 2013-2014
- Analysis Gold prices dec 3 2012
- Gold, Silver Prices rose watch U.S budget deal
- Gold futures down in Asia trading november 14 2012
- analysis gold prices next week november 12-16 2012
- MCX Gold trend for november 12-16 2012
- Analysis Gold prices after obama win
- Analysis gold prices next week November 5-9 2012
- MCX Gold prices down october 30 2012
- Gold prices prediction next week october 29 2012
- Spot Gold prices expected down october 2012
- gold prices for next week october 22-26 2012
- gold futures prices expected week october 15-19 2012
- gold prices for next week october 8-12 2012
- how will Impact tensions in the Middle East on Gold Prices
- Gold Prices predicted $2,400 summer 2013
- Gold futures Prices october 4 2012
- Technical Forecast Gold, Silver prices october 1-5 2012
- Gold prices prediction october 1-5 2012
No comments:
Post a Comment