Crude prices slid after a Greek deal hope rally, only to be slowed by a report by the IEA. The report warned that demand for oil will slow in 2016, and Greece, China and the potential return of Iranian oil is not going to improve that outlook.
Although the markets greeted the news of the passage of the austerity measures with the enthusiasm that one might have expected, the ’celebrations’ were rather half-hearted, as reflected in the gains in various assets.
New York spot precious metals dealings opened with relatively small losses on this last day of June, and appeared to be in search of fresh drivers to countervail ebbing interest and participation by speculators and professionals.
An overnight dip to the $1,490 area reignited perceptions that whatever the scope gold's recent falling away from the $1557 level might be, the decline might not draw to a close at least until some support is tested nearer $1,480.
The days and weeks ahead could be tumultuous for gold with the yellow metal's price primed to move one way or the other depending on news from European finance ministers, the European Central Bank, the Greek Parliament and the Fed.