Gold Unruffled by Greece as Trading Range Enters Fourth Month

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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

Euro Falls as Greek Deal Optimism Tempered by Creditor Pushback

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The euro fell as Greek attempts to reopen negotiations with creditors faced pushback, extending weeks of mixed signals about the nation’s future in the currency bloc.

The 19-nation currency fell versus most of its major peers as German Chancellor Angela Merkel refused to engage until after Greece’s July 5 referendum. The euro weakened against the dollar for a second day as a private payrolls report showed American companies boosted employment in June, supporting Federal Reserve moves to raise rates this year as Europe maintains unprecedented stimulus.

The euro dropped 0.6 percent to $1.1079 as of 12:48 p.m. New York time and fell 0.1 percent to 136.35 yen. Bloomberg’s Dollar Spot Index, which tracks the greenback versus 10 of its major peers, rose 0.6 percent to 1187.94.

Source : Bloomberg

U.S. Shares Rise, Bonds Fall on Greek Optimism Before Jobs Data

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U.S. shares rose while Treasuries fell amid optimism Greece will forge a solution to its debt crisis and as investors awaited jobs data that may show a strengthening labor market. The dollar gained, while American oil tumbled the most in three months as inventories rose.

The Standard & Poor’s 500 Index added 0.7 percent at 4 p.m. in New York. The gauge rose as much as 1 percent, while the Stoxx Europe 600 Index jumped 1.5 percent after two days of declines as Greece signaled it was ready to compromise to end a standoff over a bailout. The rate on 10-year Treasuries jumped seven basis points to 2.42 percent. The Bloomberg Dollar Spot Index climbed 0.7 percent, while U.S. oil sank 4.2 percent.

Global equities rebounded and haven assets from bonds to the yen retreated as Greece offered to accept certain terms needed to end the monthslong standoff with creditors. The nation missed a repayment to the International Monetary Fund on Tuesday and is preparing for a referendum on July 5. Data Thursday is forecast to show employers bolstered hiring last month as the Federal Reserve considers the timing and pace of raising interest rates.

Source : Bloomberg

U.S. Stocks Rise Amid Optimism on Chances for Greece Debt Deal

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U.S. stocks rose, after equities capped their worst quarter since 2012, as Greece signaled it was ready to compromise to end a standoff over a bailout.

The S&P 500 climbed 0.6 percent to 2,074.85 at 12:18 p.m. in New York, after earlier rising as much as 1 percent. The Dow Jones Industrial Average added 110.94 points, or 0.6 percent, to 17,730.45. The Nasdaq Composite Index also advanced 0.5 percent.

Greek Prime Minister Alexis Tsipras said he’s willing to accept creditors’ latest offer as a basis for compromise. The July 5 referendum on more austerity and disagreements over pensions, spending and taxes remain sticking points. Greece missed a $1.7 billion repayment Tuesday to the International Monetary Fund after Europe’s leaders rebuffed its previous attempts to secure financing before bailout funding ended.

Source : Bloomberg

European Stocks Advance Amid Optimism of Greek Deal Compromise

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European stocks advanced amid investor optimism that Greece and its creditors can work out a bailout deal and keep the Mediterranean nation in the euro area.

The Stoxx Europe 600 Index rose 1.5 percent to 387.07 at the close of trading. It earlier climbed as much as 2.2 percent after Greek Prime Minister Alexis Tsipras signaled he’s prepared to compromise on the starting point for talks. Shares trimmed gains after he reiterated his call for voters to reject austerity measures in Sunday’s referendum.

Greece has already missed a $1.7-billion payment to the International Monetary Fund, after previous proposals to creditors were rebuffed.

Three days of capital controls, rationing pensions and the expiry of its bailout pushed the Greek government to say it’s willing to accept creditors’ latest offer as a basis for compromise. Sunday’s referendum remains a stumbling block, along with disagreements over pensions, spending and taxes. Tsipras called for voters to reject austerity measures to help strengthen the government’s negotiating position.

Source : Bloomberg