Daily Gold & Silver Market Report - 6/23/2015

Lorrie Freeman

6/23/2015 3:32:00 PM

Greece Default on the Horizon

Gold dropped Tuesday as the euro slid sharply against the dollar and stock markets rallied on hopes Greece would reach a deal with its creditors to avoid default. This decline comes after Gold experienced its biggest one-day loss in nearly a month Monday. The yellow metal is now vulnerable to pressure from other arenas, such as an interest rate rise from the U.S. Federal Reserve. “There may be a sense of relief (over Greece) feeding into the market as a negative for Gold prices in the short term, but that in many respects is a side-show to the Fed,” Standard Chartered analyst Nicholas Snowden said.

Once the Fed normalizes monetary policy, changes should not impact the stock market anytime soon, New York Fed board of directors member Glenn Hutchins claims, adding that any moves by the central bank are likely to be “later and smaller.” Hutchins told CNBC’s “Squawk Box” Tuesday, “If you look at historic data, it takes about a 5 percent, 10-year rate to begin to have a negative influence on equity prices. We’re a long way from there.”

At 4:31 P.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,180.50 Down $6.50
• Silver, $15.89 Down $0.36
• Platinum, $1,067.90 Up $6.30
• Palladium, $698.60 Up $1.10