As global markets
convulsed this week over Greece’s possible exit from the euro, gold kept
doing what it’s done for most of the year: not much.
The metal is little
changed this week and volatility dropped to a seven-month low as demand
for a haven from Europe political turmoil was balanced by a stronger
dollar. Private reports on Wednesday added to signs of an improving U.S.
economy, curbing demand for bullion as a haven asset.
While gold is a
traditional store of value amid crises, trading has been subdued even as
Greece missed a deadline to repay the International Monetary Fund and
creditors rebuffed last-ditch funding proposals. The Greek government
said it was willing to accept the latest offer from creditors as the
basis for talks on a new deal, while German Chancellor Angela Merkel
ruled out such discussions until after a July 5 referendum.
Gold futures for August delivery lost 0.2 percent to settle at $1,169.30 an ounce at 1:51 p.m. on the Comex in New York.
The metal 60-day
volatility touched the lowest since November on Wednesday, and aggregate
trading was 34 percent below the 100-day average for this time,
according to data compiled by Bloomberg. Prices have been stuck in a 6
percent, or $70, trading range since March.
Gold capped a fourth
straight quarterly decline on Tuesday, the longest slump since June
1997, as the Federal Reserve moved closer to raising interest rates for
the first time in nine years.
Silver futures for September delivery fell less than 0.1 percent to $15.577 an ounce on the Comex, a fifth straight decline.
Palladium futures for
September delivery jumped 4.2 percent to $701.20 an ounce on the New
York Mercantile Exchange, the biggest increase since Sept. 19, 2013.
Platinum futures for October delivery climbed 0.8 percent to $1,087.80 an ounce.
Source : Bloomberg
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