Futures Market News
Gold futures pressed downward by Greek troubles
May 14, 2012 12:59 PM
Pulling down the price of the yellowish metal during the first trading session of the week were concerns about the gravity of the sovereign debt crisis becoming more severe. Greece, the emblem of nations victimized by the scourge after receiving two tranches of emergency bailout aid since June 2010, was challenged by a political stalemate on leadership of the nation, which might push the country's withdrawal from the euro zone.
"Gold is under severe pressure. The U.S. dollar is being seen as a safe haven at the moment and as long as the dollar is appreciating against the euro this is clearly weighing on the gold price," analyst Daniel Briesemann with Commerzbank told the news source. "I wouldn't be surprised if we test the December low of around $1,520 an ounce and if we don't stop here we could go below $1,500."
At 1:02 p.m. on Monday, gold futures fell 1.45 percent, a $22.90 reduction to $1,561.10 per troy ounce.
The Wall Street Journal reports voters in the Aegean nation are likely to cast ballots again next month as a result of the inability to establish a clear leader.
Don’t Miss Our News Updates!
Follow our breaking news stories and get a unique take on current events that may impact the commodity futures markets. Multiple new articles are posted each weekday. Subscribe to our commodity news updates by email, and receive real-time updates with our RSS feed, follow us on Twitter @DanielsTrading, become a fan on Facebook to stay informed.
SPECIAL OFFER: Free eBook — Gold Exposed: Spot Gold versus Gold Futures
Are you interested in trading gold futures but unsure of how to start?
Register for our FREE guide, and learn the ins and outs of the gold markets that will help answer many of your trading questions.
Register for Your Free 2-Week Trial of the dt Insider Market Advisory!
With your free trial membership, you'll receive full access to our exclusive trade recommendation service and all of the timely and accurate trade information you need to feel comfortable participating in the markets.