Daily Gold & Silver Market Report - 6/26/2015

Jennifer Carter

6/26/2015 9:57:00 AM

FAILED GREECE DEAL BOOSTS GOLD

Gold rose from two-week lows Friday as Greece failed to clinch a deal with its creditors.  If the two parties reach a deal during their ditch efforts Saturday, Gold could likely see greater losses. "Gold for the moment seems to have found a bit of a floor, and that seems to have given confidence to buyers," Societe Generale analyst Robin Bhar said. "We're all watching Greece. If there is an agreement, Gold should give up these modest gains." Silver was up 0.3 percent at $15.87 an ounce during early Friday trading, but has fallen as trading continues. With expectations the Federal Reserve will raise interests rates, Gold has held largely between $1,160 and $1,230 since mid-March, struggling to break despite an ostensibly bullish rise in tensions over Greece.

Crude oil is still trading in its two-month $10 range, due in part to the Greece debt crisis. “We've really been trading in this range from $51.50 to $57.50 and being that we've been in this for a bit now, I would expect for us to actually break through to the upside," BNP Paribas head of U.S. cash equity trading Darren Wolfberg said. "I watched the commodity jump off the $45 level and it has been at this midpoint where we've been consolidating for two months. Resistance is coming in at $61.40, and I am watching that level closely."

At 9:55 A.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,172.50 Down $2.30
• Silver, $15.79 Down $0.13
• Platinum, $1,074.40 Down $9.30
• Palladium, $672.00 Down $9.40

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.