Saturday April 25, 2015 Search
Weather | Athens
14o C
09o 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)  
Construction material costs slide anew
Navios taps German shipping opportunities
Gov’t eyes state company reserves
Thessaly stores likely to remain closed on first Sunday of spring sales
Greece not playing a game of chicken on debt
Greek Foreign Minister Nikos Kotzias said on Friday he respects Germany just not German politics, nor the way Berlin views Greece’s economy, which faces the prospect of running out of money ...
Tsipras to see local officials as decree dispute heats up
Prime Minister Alexis Tsipras is due to meet regional governors and mayors in Athens on Saturday in an attempt to defuse a political row that has erupted as a result of the government’s deci...
Inside News
SOCCER
Rival soccer fan clashes leave man stabbed
One man was stabbed and several others slightly injured as rival Thessaloniki club fans clashed late on Friday at an event held by Aris supporters. Reports from Greece’s second city stated t...
TRACK & FIELD
Grabbing the shoes that have gone a long way
Greek Marathon legend Maria Polyzou is calling on everyone to join her in her charity run at the Dusseldorf Marathon on Sunday, April 26, by bidding for her special shoes she will race in an...
Inside Sports
COMMENTARY
Five years ago
This week marks five years since Greece officially entered a period of crisis when then Prime Minister George Papandreou announced that the country would seek a bailout from the eurozone and...
EDITORIAL
Slippery slope
The extremely divisive language that is currently being used by parliamentary deputies and coalition ministers is both unacceptable and dangerous. It is high time that the tired, old argumen...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Greece not playing a game of chicken on debt
2. Rival soccer fan clashes leave man stabbed
3. Tsipras to see local officials as decree dispute heats up
4. Kotzias talks Cyprus at UN
5. Construction material costs slide anew
6. Navios taps German shipping opportunities
more news
Today
This Week
1. Five years ago
2. Greece not playing a game of chicken on debt
3. Slippery slope
4. Greece offers concessions in talks with creditors
5. EU frustration mounts as Greeks try to sidestep aid process
6. FinMin sources say gov't 'not bluffing' in opposing austerity
Today
This Week
1. Quarantine for Greek bank subsidiaries in neighboring countries
2. Greek government's popularity takes a hit as talks drag on
3. Putting off payments led to Q1 budget primary surplus
4. Obama calls for flexibility in Greek reform talks in brief exchange with Varoufakis
5. It's up to the Greek government to ensure deal with lenders, says ECB's Coeure
6. Europe's collision course with Greece
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.