Daily Gold & Silver Market Report - 6/25/2015

Marcey Hollon

6/25/2015 11:22:00 AM

GOLD AWAITS NEWS ON GREECE; CONSUMER SPENDING BUOYS ECONOMIC GROWTH

Gold steadied as investors await news of Greece’s negotiations with its creditors. Regardless of Greek tensions, the Precious Metal has struggled to break $1,230 per ounce since March, holding in the $1,260 - $1,230 range. The U.S. dollar hit a two-week high against the euro Thursday, adding pressure to Gold. "We would have expected Gold to trade much higher, given all the issues in Greece," Commerzbank analyst Daniel Briesemann said. "It's being kept in check by an ongoing withdrawal by speculative financial investors. If this doesn't stop, the Gold price won't be able to recover."

An increased demand for big tickets items such as automobiles contributed to the largest increase in U.S. consumer spending in the last six years, fueling economic growth. The trend in jobless claims points to a strengthening labor market despite the number of first time applications for unemployment benefits seeing a slight increase Thursday.  "The robust rebound in spending provides some much needed confidence that the economic recovery is continuing to build on the positive momentum of recent months," TD Securities deputy chief economist Mullan Mulraine said. The economic data released for May, including the housing market, employment and manufacturing, carried a bullish tone. The strengthening economy continues to support the view the Federal Reserve will raise interest rates this year.

 

At 12:20 A.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,175.60 Down $0.30
• Silver, $15.92 Down $0.05
• Platinum, $1,083.20 Up $8.70
• Palladium, $680.60 Down $17.10

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