Gold prices closed higher today as the dollar continued to weaken amid poor US data and slow economic growth.
Gold for June delivery on the Comex division of the New York Mercantile Exchange rose $9.40 to $1,192.4 per ounce. Trade ranged from $1,179.70 to $1,196.30.
The dollar was 0.6 percent weaker at 1.1222 against the euro. The dollar index was at 94.5280, down 0.5 percent.
“Cheap money is driving up prices,” Triland Metals said. “Easy monetary policy didn’t stop in 2008 but actually accelerated and there still remains a large supply surplus (as indicated lately by many banks regarding the recent run up in commodity prices).”
Meanwhile, in the eurozone, Greece began repaying their 750 million euro loan back to the International Monetary Fund today. There remains an impasse related to particular issues like state pensions and collective bargaining rights.
In data, US labor market conditions index month-over-month in April was down 1.9, finishing lower for the second straight month. US NFIB small business index for April was 96.9, above the forecast of 96.1.
In Japan, the leading indicators in March came in at the forecast of 105.5 percent.
In other precious metals, Comex silver for July delivery was up two cents at $16.53 per ounce. Trade ranged from $16.120 to $16.495.
Platinum for July delivery on the Nymex rose $5.70 to $1,133.00 per ounce while the most actively traded palladium contract was at $785.15, up $4.70.
Light sweet crude (WTI) futures increased $1.06 to $60.31 per barrel in the most active contract.
(Editing by Tom Jennemann)
The post Gold up on declining dollar, Greek questions remain appeared first on The Bullion Desk.
No comments:
Post a Comment