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Sunday, December 16th, 2018 - Buy Gold - Bringing you trusted gold news and gold investing information since 2006

Concerns Over Greece Help Limit Downside On Gold Price

Although gold prices softened somewhat on Tuesday, following a margin hike in US crude futures, it is predicted that concerns over Greece’s debt crisis will limit the downside.

Spot gold was seen rising for two consecutive sessions, but on Tuesday it went down some 0.4 per cent, to US$1,507.44. COMEX gold went up 0.3 per cent to US$1,507.80.

A Singapore-based trader said that we can expect to see gold trading in the range between US$1,470 and US$1,520 in coming days.

On May 9, holdings in the world’s largest physically backed exchange-traded fund – the SPDR Gold Trust – dropped to 1,201.954 tonnes; a one-year low.

The oil margin hike followed two weeks of consecutive margin increases on COMEX silver futures, which caused silver prices to fall more than 25 per cent last week.

“The margin hike decreases the bullish sentiment in the commodities market,” said Ong Yi Ling, an analyst at Phillip Futures.

Analysts also said that increased concern over the debt crisis in Greece could potentially drive investors to “seek haven in precious metals”.

Ong added that “The commodities market is still on the jittery side, as investors wonder if last week’s sell-off could resume and the bargain-hunting we see now will be in place for the rest of the week.”

Investors are also watching China’s inflation data which is due to be released on Wednesday.

“Chinese inflation data will likely tell us whether tightening in China will continue, which will affect the sentiment in the commodities market,” Ong concluded.

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