Daily Gold & Silver Market Report – 6/10/2015
Brandi Brundidge
6/10/2015 12:45:00 PM
DOLLAR DROPS ON GREEK DEBT WORRIES; GOLD SUPPORTED FROM SAFE HAVEN APPEAL
The dollar lost ground Wednesday morning on concerns over Greek’s financial crisis, helping Gold increase for a third consecutive session. Gold’s safe-haven appeal always attracts investors when there is economic uncertainty and fluctuations in the dollar. “Everyone is piling up their bets for the safe [haven] as we are moving closer and closer to no deal for Greece,” AvaTrade chief analyst Naeem Aslam said. The market is anticipating Thursday’s release of U.S. retail sales data, which will outline the condition of the economy and how the U.S. Federal Reserve may respond with their plan to increase interest rates in the near future.
Greek Prime Minister Alexis Tsipras plans to meet German Chancellor Angela Merkel and French President Francois Hollande at a summit in Brussels Wednesday as the country’s June 30 deadline to reach a debt agreement approaches. It is unclear by their recent actions if Greece is concerned with the chaos that could occur in the financial system if a deal is not made. “What they are delivering at the moment is not serious at all,” Michael Fuchs, a senior lawmaker for Merkel’s Christian Democrats in Germany, said in an interview. “We have a deal with Greece and they have to fulfill what they have agreed upon — and at the moment they are not coming up with any other proposal which is negotiable.”
At 1:56 P.M. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,189.70 Up $9.10
- Silver, $16.08 Up $0.00
- Platinum, $1,116.20 Up $6.70
- Palladium, $745.50 Up $3.60
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APMEX Market Reports provide our readers with a review of spot price activity and some of the factors that may be affecting the market for Precious Metals. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies
