NEW YORK (TheStreet ) -- Gold prices were hammered Friday as Greece was unable to secure its second bailout, violence erupted in Athens and as China imports slowed in January.
Gold for April delivery shed $15.90 at $1,724.10 an ounce at the Comex division of the New York Mercantile Exchange. Gold managed to close off of its session lows. The gold price has traded as high as $1,737.20 and as low as $1,706.40 an ounce while the spot price was down $10, according to Kitco's gold index.
Silver prices lost 31 cents at $33.60 an ounce while the U.S. dollar index was up 0.62% at $79.13.
The bad news mounted for gold Friday. Leading the charge was a weaker euro and stronger dollar as uncertainty swirled around Greece's ability to commit to its debt deal. This weekend is shaping up to be D-day for the country. Its parliament must pass austerity measures, agreed upon by leadership, in order to secure its second bailout. European leaders need to see the government approve these measures before they will give the green light for the second 130 billion euro bailout, which Greece needs by March 20th when it has 14.5 billion euros of debt maturing.
Source; http://www.thestreet.com/story/11412189/1/greece-debt-woes-hammer-gold-prices.html
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