Today’s AM LBMA Gold Price was $1,202.40, €1,113.44 and £799.19 per ounce. Yesterday’s AM LBMA Gold Price was $1,197.70, €1,120.26 and £804.58 per ounce.
Gold climbed 0.49% or $5.90 and closed at $1,201.80 an ounce yesterday, while silver rose 0.13% or $0.02 closing at $16.01 an ounce.
Spot gold in Singapore was relatively unchanged at $1,203.11 an ounce. Gold broke through the $1,200 an ounce barrier in London trading today on dollar weakness and continues to consolidate at the 1,200 level.
It is hoped that Greece will agree to the bailout structure by the end of the month. Meetings are set in Riga on Friday and the possibility of a Grexit is still on the cards which should support gold.
Mixed signals are abound as ECB vice president, Vitor Constancio, suggested that Greece might not be forced to leave the eurozone just because it defaults on its debt.
On Monday in a Wall Street Journal article Constancio said that he is convinced that Greece will remain in the eurozone, attempting to dampen concerns of a Grexit. “I am convinced” that there won’t be a Greek exit, from the eurozone, Vitor Constancio said in remarks to European parliamentarians in Brussels. “The treaty doesn’t foresee that a country can be formally legally expelled from the euro,” he said.
It brings to mind the old adage to “never believe anything until it is officially denied”.
In Japan, equity markets are surging to a 15 year high on corporate earnings which have been reasonably good and cheap money.
Gold purchases in India began slow but increased momentum during the Akshaya Tritiya festival, usually one of the busiest gold buying days, industry officials said. Indians are the world’s number two buyer of gold, after China, and Akshaya Tritiya celebrated yesterday is one of the most auspicious times to buy gold along with Diwali and Dhanteras. Gold imports doubled in March to 125 tons from only 60 tonnes a year before.
Even though sales increased during the festival, Indian demand risks falling slightly for a second straight year in 2015. The reason for a potential drop is that unseasonable rain and low commodity prices have hurt rural buyers. It is these buyers that account for almost 60% of the country’s total demand.
Spot gold near noon in European trading is up 0.06% or $1,202.44 an ounce. Silver is up 0.15% at $16.05 an ounce while platinum is trading down 0.49% at $1,143.30 an ounce.