Mid-Day Gold & Silver Market Report, 05/24/2012

Brandi Brundidge

5/24/2012 12:25:00 PM

GOLDEN BARRIER SUSPECTED; GREECE URGED TOWARD REFORMS  

The Gold price is up today as softer than expected U.S. manufacturing data pushed the dollar lower against the euro. Concern over Greece and its potential exit from the eurozone and its economic impact had pushed the euro and Gold to their lowest points in more than four months. “All three times we’ve come close to $1,500 over the last year, starting with the end of December, we’ve had a bounce back,” said Nikos Kavalis at RBS. “It looks like this is a level the market isn’t happy to break.” Data from the International Monetary Fund also helped boost Gold prices. Among the data: The Philippines made its largest purchase of Gold in more than four years. 

While preparing contingency plans for Greece’s exit, European Union leaders are asking Greece to complete the reforms required under is planned bailout. “We want Greece to stay in the euro, but we insist that Greece sticks to commitments that it has agreed to,” German Chancellor Angela Merkel told reporters after a Wednesday evening summit in Brussels, Belgium.

At 1 p.m. (EDT), the APMEX Precious Metals spot prices were:

• Gold, $1,564.90, Up $15.00.
• Silver, $28.26, Up $0.65.
• Platinum, $1,423.20, Up $7.10.
• Palladium, $589.00, Down $4.10.

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