Monday February 2, 2015 Search
Weather | Athens
16o C
13o 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)  
Piraeus port U-turn will not hurt China investment: analysts
Cash may dry up earlier than thought
EU rift, cash flow and NPLs worry bankers
Economic activity still on hold in anticipation of government program
Deputy PM Dragasakis confident ECB will not cut liquidity for Greek banks
Greek Deputy Prime Minister Yannis Dragasakis dismissed fears that the ECB may cut vital liquidity support to Greek banks if it fails to agree with international creditors, saying the new go...
Varoufakis counting on ECB as Sapin says Greece needs new contract with eurozone
Greece is counting on the European Central Bank to maintain a financial lifeline while the week-old government in Athens negotiates new terms on its international bailout package, Finance Mi...
Inside News
SOCCER
Reds stretch lead as Panetolikos upsets PAOK
Panetolikos’s surprise win at Toumba over PAOK on Saturday allowed Olympiakos to open its lead at the top of the Super League table to five points, one week before the Reds’ visit to Thessal...
TRACK & FIELD
Three Greek athletes earn tickets to Prague
Greek track and field enjoyed an exceptionally good weekend of performances by local athletes at various indoor meetings, with three of them earning a ticket to the European Indoor Champions...
Inside Sports
COMMENTARY
The dogma and the command center
We have reached a critical juncture. We have a new, inexperienced government trying to see if “the great negotiations” discussed by everyone, be they from the left or the right, on TV over t...
EDITORIAL
Silence will not be forgiven
It’s time for a turn toward realism, caution and logic. The negotiations with our partners and lenders must be concluded swiftly before the remaining healthy parts of the country’s productiv...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Deputy PM Dragasakis confident ECB will not cut liquidity for Greek banks
2. Reds stretch lead as Panetolikos upsets PAOK
3. Three Greek athletes earn tickets to Prague
4. Varoufakis counting on ECB as Sapin says Greece needs new contract with eurozone
5. Piraeus port U-turn will not hurt China investment: analysts
6. Cash may dry up earlier than thought
more news
Today
This Week
1. Dijsselbloem says Greece has to decide how to move ahead
2. Greece shakes Europe's political kaleidoscope: expect the unexpected
3. France open to easing Greek debt burden, says finance minister
4. The dogma and the command center
5. Greece offers olive branch to seek allies
6. Poll shows most Germans want Greece to stay in eurozone
Today
This Week
1. Greek Elections 2015 | LIVE
2. SYRIZA heads for historic victory but without majority
3. EU must accept that Greek debt relief is inevitable
4. SYRIZA's win will test institutions
5. Greek Elections 2015: The day after | LIVE
6. Athens may veto further EU sanctions against Russia
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.