Monday September 22, 2014 Search
Weather | Athens
27o C
19o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Gold, silver tumble as Greek deadlock drives dollar higher

Gold and silver slumped to the lowest levels in four months as Greek leaders struggled to form a government, increasing concern Europe’s crisis will escalate and boosting the dollar. Palladium dropped for an eighth day.

Spot gold fell for a third day, declining as much as 1.1 percent to $1,587.28 an ounce, the lowest price since Jan. 3. The metal was at $1,595.45 at 2:21 p.m. in Singapore, having pared gains this year to 2 percent. The euro tumbled for an eighth day against the dollar in the worst run since 2008.

Alexis Tsipras of Greece’s Syriza party, who holds the mandate to form an administration after May 6 elections, said he expected Antonis Samaras of New Democracy and Evangelos Venizelos, who leads the Pasok party, to revoke written pledges to implement austerity measures by the time he meets them today to discuss an alliance. Both rejected the request.

There are “growing concerns that a new Greek government could break pledges made by the previous regime on austerity,” said Nick Trevethan, senior commodities strategist at Australia & New Zealand Banking Group Ltd. (ANZ) “Momentum from Tuesday might be enough to carry prices lower, especially if France and Greece ramp up the rhetoric against current euro-zone policy.”

The risk of Greece leaving the euro by the end of 2013 has risen to as high as 75 percent, Citigroup Inc. said on May 7. Tsipras said he aimed to link up with parties in a government that would cancel the bailout and nationalize banks.

In France, Socialist Francois Hollande, who’s pushing for reduced cutbacks, was elected president at the weekend, underscoring voters’ rejection of the austerity measures that have underpinned the region’s efforts to combat the crisis.

June-delivery bullion lost as much as 1.1 percent to $1,587.40 an ounce, and was last at $1,594.40 on the Comex in New York. Gold of 99.99 percent purity fell as much as 2.4 percent to a four-month low of 324.50 yuan a gram ($1,599.11 an ounce) on the Shanghai Gold Exchange.

Cash palladium, this year’s worst-performing precious metal, slumped as much as 1 percent to $615.68 an ounce, the lowest price since Jan. 10 and was last at $619.25. The eight- day drop is the worst losing run since September 2008.

Spot silver declined for a third day, losing as much as 1.8 percent to $28.9225 an ounce, the cheapest since Jan. 9, before trading at $29.1550.

Platinum fell for a second day, dropping as much as 0.7 percent to $1,501.50 an ounce, equaling yesterday’s low, which was the cheapest since Jan. 17.

[Bloomberg]

ekathimerini.com , Wednesday May 9, 2012 (11:07)  
Pegging reforms to debt relief acts
Demand for diesel boosts total fuel sales
Foreign investors not overly concerned about political risk
IMF unhappy over social security debt collection
Results of probe into 20 Lagarde list names due soon
Members of the Financial Crimes Squad (SDOE) and tax inspectors involved in an investigation into the so-called Lagarde list of Greeks with Swiss bank accounts expect to be able to announce ...
Police refute reports of Jihadi training
Greece is not a training ground for Jihadis, the Greek police said in a statement released late on Friday in response to reports in the local media claiming that radical Islamists have been ...
Inside News
SOCCER
Reds beat Veria to claim league lead
Olympiakos thumped hitherto Super League leader Veria 3-0 on Saturday to go alone on top of the table for the first time after four rounds of games. Four days after putting three past Atleti...
SOCCER
Triumph for PAOK, historic result for Asteras in Europa League
Greek teams produced a patchy record on the opening night of the Europa League group stage on Thursday, as PAOK thrashed Dynamo Minsk, Asteras Tripolis snatched a draw at Besiktas and Panath...
Inside Sports
COMMENTARY
Universities threatened by transfers
The problem arising from the abuse of the Greek university transfer system – whereby some students are allowed to move to an institution of their choice instead of the one they were admitted...
EDITORIAL
Capital changes
A sizable part of the middle of the Greek capital has been slated to receive a significant makeover with the implementation of an urban restructuring project which includes turning a key cit...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Reds beat Veria to claim league lead
2. Pegging reforms to debt relief acts
3. Demand for diesel boosts total fuel sales
4. Foreign investors not overly concerned about political risk
5. IMF unhappy over social security debt collection
6. Agenda
more news
Today
This Week
1. IMF unhappy over social security debt collection
2. Foreign investors not overly concerned about political risk
3. Agenda
4. Demand for diesel boosts total fuel sales
5. Pegging reforms to debt relief acts
6. ‘Greece can meet its needs on its own’
Today
This Week
1. Greece at bottom of social justice scale among EU28
2. Central Athens traffic restrictions back in force on Monday
3. ‘Greece can meet its needs on its own’
4. Lost in the fog
5. Record sum of new debts to the state in August
6. Democracy under Pressure | Live Streaming
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.