Thursday October 30, 2014 Search
Weather | Athens
19o C
12o 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)  
Italy, Greece banks lead Europe decliners amid capital concerns
European stocks tumble as banks decline after Enria’s comments
Germany’s bonds rise as consumer prices decline in six states
Peripheral banks lead European shares lower after positive start
N17 terrorist struggling to find support, say Greek police
Convicted terrorist Savvas Xeros has failed in his attempt to recruit other urban guerrillas, according to high-ranking sources in the police and anti-terrorism squad. The November 17 member...
Patra mayor defends refusal to hand over employees´ details
Patra Mayor Costas Peletidis on Thursday submitted a four-page written deposition to the prosecutor investigating a group of local authority chiefs who have refused to cooperate with the Adm...
Inside News
SOCCER
Greece drops Samaras for Euro 2016 qualifier
Greece coach Claudio Ranieri has dropped striker Georgios Samaras from the national team after a dismal start to European Championship qualifying. Samaras, who plays for West Bromwich Albion...
BASKETBALL
Panathinaikos and PAOK retain perfect record
The third round of games in the Basket League over the weekend saw PAOK overcome the strong resistance of host KAOD at Drama, and Panathinaikos and Olympiakos inflict heavy losses on AEK and...
Inside Sports
COMMENTARY
Time is running out in Afghanistan
Thirteen years after the attacks on the Twin Towers and NATO's entry into the war in Afghanistan, things remain pretty much unchanged: Political instability and insecurity  reign in the Cent...
COMMENTARY
Cool heads required
It’s time for Athens and Nicosia to deal with the current situation in Cyprus’s Exclusive Economic Zone (EEZ), which a Turkish seismic research vessel has breached against international law,...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. N17 terrorist struggling to find support, say Greek police
2. Patra mayor defends refusal to hand over employees´ details
3. Two men to pay off sentences for rape, procurement of schoolgirl
4. Friday deadline for flood damage compensation applications
5. IMF cautions Greece on early withdrawal from program
6. In Athens, NATO chief sees spike in Russian flights on border
more news
Today
This Week
1. Greek euro dilemma is back as minister predicts volatility
2. Students hijack university senate meeting
3. Clientelism belongs to the past, says Mitsotakis
4. Over 1,500 buildings and vehicles damaged in flash floods
5. European stocks tumble as banks decline after Enria’s comments
6. Peripheral banks lead European shares lower after positive start
Today
This Week
1. At least 11 banks to fail European stress tests, three in Greece, report says
2. Austria’s creative bookkeeping beats Greece on secret debts
3. Cyprus to block Turkey's EU talks after EEZ violation
4. End of reason, end of humanity
5. Clean bill of health for Greek banks from stress tests
6. Samaras pledges action after flash floods in Athens
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.