Otmane El Rhazi from
The Bullion Desk.
- Gold is on track for its third consecutive week of losses this week, although it has recovered from close to its lowest level seen this year on Tuesday.
- Spot gold is now back above 1160, with optimism over a potential Greek bailout deal propping up the euro and thus giving gold a kick higher.
- As well, looking back to Wednesday – market observers appear to have widely interpreted the dovish minutes from the previous Fed meeting as delaying any near-term rise in interest rates.
- Silver has bounced back after trading at its lowest level this year earlier in the week – it also looked susceptible at one stage to testing its lowest in six years. It’s up today to around $15.40.
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