GOLD WEBCAST – Gold to finish week down 1pct, market snubs metal as safe haven

Otmane El Rhazi from The Bullion Desk.

Gold is failing to make anything of its supposed safe-haven qualities this week despite Greece’s grip on eurozone membership now at its weakest. Despite the uncertainty and heavy pressure on global equity markets as a result of the situation in Greece, gold is confounding the widely held assumption that it would rise in a flight to safety. What this suggests is that investors either do not value gold’s credentials as a safe haven or do not yet regard this situation as a crisis yet – even though the country is going to the polls on Sunday. Nonetheless, Thursday’s non-farm payrolls report showed that the US created 223,000 new jobs in June against consensus of 231,000, which has lent some support to precious metals towards the back end of the week.

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