Gold
fell to a 15-week low and silver slumped to the cheapest in seven
months after Greece’s economic crisis boosted haven demand for the
dollar, eroding the allure of precious metals as stores of value.
On
the Comex in New York, gold futures for August delivery declined 1.8
percent to settle at $1,152.60 an ounce at 1:48 p.m. after touching
$1,146.80, the lowest for a most-active contract since March 18. Silver
futures for September delivery tumbled 5 percent to $14.969 an ounce.
Earlier, the metal reached $14.62, the cheapest since Dec. 1.
The
dollar rose to a five-week high against a basket of 10 currencies.
Greek Prime Minister Alexis Tsipras is in Brussels for what could be a
last chance to secure a rescue from European leaders and keep his
country in the euro. In the week ended June 30, the net-long position in
gold futures and options plunged 55 percent, the most since U.S.
government data began in June 2006.
Gold has dropped 12 percent in the past 12 months as the greenback jumped 18 percent.
Bullish
bets on gold futures and options last week fell to 21,480 contracts,
the lowest since October 2006, government data showed Monday. Holdings
in global exchange-traded funds backed by the metal declined in eight of
the past nine weeks, according to data compiled by Bloomberg.
Aggregate
futures trading in silver on Tuesday was 88 percent above the 100-day
average for this time, according to Bloomberg data. Gold volume was 37
percent higher.
On
the New York Mercantile Exchange, platinum futures for October delivery
dropped 2.3 percent to $1,041.50 an ounce after falling to $1,027, the
lowest since February 2009. Palladium futures for September delivery
fell 3.5 percent to $652.40 an ounce, the biggest decline since March
27.
Source: Bloomberg
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