Today’s AM LBMA Gold Price was USD 1,153.20, EUR 1,046.89 and GBP 745.27 per ounce.
Yesterday’s AM LBMA Gold Price was USD 1,154.95, EUR 1,043.13 and GBP 741.59 per ounce.
Gold fell $5.10 or 0.44% Friday to $1,157.90 an ounce. Silver slipped $0.08 or 0.51% to $15.50 an ounce.
Gold in Singapore for immediate delivery ticked lower and gold in Switzerland also weakened despite considerable uncertainty regarding the Greek “deal”.
Gold prices are down for a second day after ending yesterday down half a percent in dollar terms but 1% higher in euro terms as the euro fell on international markets. Support is at $1,155 and that level is holding for now.
Asian shares were mixed and future contracts tracking China’s key stock indexes fell sharply, suggesting a three-day rebound may be losing momentum.
European stocks are lower today on concerns that Tsipras may not be able to get the debt deal over the line in the Greek parliament. Even if he does, his government may not last long thereafter and a subsequent Greek government may elect to honour the will of the Greek people and rip up what most fair minded people see as a very unfair and completely impractical “bail out”.
Euro zone finance ministers will hold a telephone conference to discuss Greek bridge financing tomorrow, Austria’s finance minister said on today. It does not necessarily need a euro group summit to agree on bridge financing, Hans Joerg Schelling said. “If a reasonable proposal comes up, the euro zone finance ministers probably can decide about it in a conference call,” Schelling said.
The world’s largest gold-backed exchange-traded fund, New York-listed SPDR Gold Shares, rise 1.5 tons on Monday, its first inflow since June 25.
Silver in USD – 5 Years
Silver’s underperforming, down 1%, putting it on track for a fourth straight week of losses – if it ends this week in the red, it will have fallen in eight out of the last nine weeks.
Platinum and palladium are also marginally weaker, after both bucked the falling trend in gold and silver yesterday to rise 0.3% and 1.2% respectively.