Gold climbed 1.8% in dollar terms last week, its second successive week of gains. Silver prices surged 1.8% last week and increased their year-to-date gain to 3.4%. Gold in Singapore for immediate delivery ticked lower 0.3% to $1,196.60 an ounce near the end of the day, while gold in Switzerland was lower and fell to $1,193 an ounce.
- Today’s AM LBMA Gold Price was USD 1,193.70, EUR 1,052.14 and GBP 752.53 per ounce.
- Friday’s AM LBMA Gold Price was USD 1,198.15, EUR 1,058.86 and GBP 755.65 per ounce.
- Gold closed at $1,200.06 an ounce on Friday and silver was down 0.4% and closed at $16.10 an ounce.
- Palladium lost 1.9% to $705.25 after touching a 16-month low.
Greek Prime Minister Tsipras submitted a new list of reforms last night in a last ditch attempt to appease creditors. Crisis negotiations are taking place today in Brussels with Greece’s creditors to see if a deal can be reached after 5 months of stalemate. Greece owes 1.6 billion euros to the IMF by June 30. Euro zone leaders meeting in Brussels later on Monday are unlikely to be able to take a formal decision on whether to provide aid to Greece but there is still time this week to finalise an agreement, German Chancellor Angela Merkel said earlier.
“There are still a lot of days in the week in which decisions can be taken,” Merkel said, speaking to reporters in the eastern city of Magdeburg. She noted that without an agreement between Greece and the so-called institutions – the EC, EBC and IMF – the summit on Monday evening could not be more than a discussion forum.
The markets are irrationally exuberant again this morning on hopes for a Greek deal and European stocks have surged higher despite continuing uncertainty.
Chinese markets are closed today.
Platinum and palladium saw losses last week which have been extended today. Platinum is down another 1.3% and edging back towards last week’s more than six-year low at $1,066.50/oz. Palladium has reached its lowest in 18 months, at $696.47/oz this morning.
In late morning European trading, gold is down 0.44% at $1,194.53 an ounce. Silver is up 0.50% at $16.17 an ounce and platinum is down 0.68% at $1,075.68 an ounce%