Arab Today, arab today gold holds above 1620oz
Last Updated : GMT 10:17:38
Arab Today, arab today
Arab Today, arab today

Gold holds above $1,620/oz

Arab Today, arab today

Arab Today, arab today Gold holds above $1,620/oz

London - Arabstoday

Gold prices held firm above $1,620 an ounce in Europe on Friday as caution ahead of Greek elections this weekend, which could determine its continued membership in the euro zone currency bloc, kept buyers on the sidelines. No Greek party has called for euro exit, but the leftist SYRIZA party, which is running neck-and-neck with the conservative New Democracy party, rejects the terms of a bailout struck with creditors in February, without which Greece will default. Spot gold was up 0.1 percent $1,623.50 an ounce at 0936 GMT, while U.S. gold futures for August delivery were up $4.80 an ounce at $1,624.40. “Not many will dare take on fresh longs ahead of the weekend given gold’s peculiar behaviour recently, when it swings back and forth with or against risk sentiment,” VTB Capital analyst Andrey Kryuchenkov said. “We should stall near this week’s highs below 1630, with all attention on Greece, and then the G20 summit next week.” Gold is set to rise nearly 2 percent this week and has found good support after a spate of soft US data and speculation that the euro zone crisis could hamper U.S. growth fuelled talk of more quantitative easing from the Federal Reserve. That would likely undermine the dollar and lead to fresh volatility in the currency markets, potentially boosting interest in gold as an alternative asset. It tends to benefit from weakness in the US currency, in which it is priced. It held its ground on Friday as the euro stood little changed against the dollar, with investors trimming bearish bets on expectations that major economies’ central banks will step in to counter any adverse fallout from Sunday’s election in Greece. Risk aversion in the wider financial markets eased a touch as central banks indicated they stood ready to take steps, including coordinated action, to deal with the risk of a Greek exit from the euro zone. European shares rose, while Spanish and Italian bond yields fell. “The next big event in the gold world is likely to be the Greek election,” HSBC said in a note. “Gold may be caught between the election and U.S. monetary expectations.” Resistance at $1,641/oz From a chart perspective, analysts who study past price patterns for clues as to the future direction of trade identify resistance for gold at $1,641 an ounce. “Above there opens our 1700 target,” Barclays Capital said in a note. The world’s largest gold-backed exchange-traded fund, the SPDR Gold Trust in New York, said its holdings rose just over 3 tonnes on Thursday, their biggest one-day increase since June 1. Among other precious metals, silver was up 0.2 percent at $28.66 an ounce. The gold/silver ratio, which measures the number of silver ounces needed to buy an ounce of gold, rose back towards its 2012 high as gold outperformed. Investors’ confidence in silver was battered by two sharp corrections last year, which saw the metal lose a third of its value in the six sessions after it hit record highs in April, and fall 36 percent in three days in September. Spot platinum was little changed at $1,486.24 an ounce, while spot palladium was up 0.3 percent at $631.47 an ounce. Platinum’s ratio to gold ticked back up on Friday as gold prices outperformed, having dropped back from five-month highs earlier in June. Platinum prices have received little support from threats to South African mine supply, which is being hampered by low metal prices. “Platinum prices need to rise to around $1,650 an ounce in order for South African platinum producers to be profitable,” Natixis said in a weekly report. “Lower prices will lead to a protracted period of cutbacks and restricted development which will bring the market back into equilibrium via a slowdown in future supply.”

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today gold holds above 1620oz Arab Today, arab today gold holds above 1620oz

 



Arab Today, arab today
Arab Today, arab today Jordan airline suggests flyers 'talk'

GMT 11:59 2017 Friday ,24 March

Jordan airline suggests flyers 'talk'
Arab Today, arab today 5 Crafty Must-Have Limited-Budget Ideas

GMT 17:03 2017 Saturday ,25 March

5 Crafty Must-Have Limited-Budget Ideas
Arab Today, arab today Rebel supporters flood Yemen streets

GMT 06:39 2017 Monday ,27 March

Rebel supporters flood Yemen streets
Arab Today, arab today Media host gives priority to problems of people

GMT 07:00 2017 Tuesday ,28 March

Media host gives priority to problems of people

GMT 17:28 2017 Monday ,27 March

Vietnam's capital Hanoi stock index ends up

GMT 16:09 2017 Monday ,27 March

Seoul shares end lower

GMT 13:54 2017 Monday ,27 March

Bahrain Bourse daily trading report

GMT 11:48 2017 Sunday ,26 March

US stocks decline on Trump policy uncertainty

GMT 19:32 2017 Saturday ,25 March

US Stocks Close Mixed
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemen children dream of school

GMT 07:25 2017 Friday ,24 March

Yemen children dream of school
Arab Today, arab today Trump poised to roll back climate protections

GMT 09:28 2017 Tuesday ,28 March

Trump poised to roll back climate protections
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Uber grounds self-driving cars

GMT 09:11 2017 Monday ,27 March

Uber grounds self-driving cars
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Trump to roll back Obama clean power plan

GMT 11:10 2017 Monday ,27 March

Trump to roll back Obama clean power plan

GMT 09:58 2017 Saturday ,25 March

Nermein Al Fekki films “Foxes in the Valley”

GMT 06:21 2017 Friday ,24 March

MP submits a petition to dismiss university head

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures

GMT 07:36 2017 Wednesday ,22 March

US, Britain ban laptops on flights

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 06:04 2017 Tuesday ,28 March

Saudi Arabia ranks 3rd globally for smartphone use

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday