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Wednesday, July 18th, 2018 - Buy Gold - Bringing you trusted gold news and gold investing information since 2006

Gold Up – Asian Buying On Hopes Of Greece Vote

Gold investors are optimistic that Wednesday’s vote will see Greece’s parliament approve an austerity plan that is thought to support sentiment in bullion and other commodities.

As a result, gold increased on Wednesday, supported also by light physical buying in Asia – although some analysts said the volume was too limited to push gold out of its trading range.

Greece is still in the focus, with its parliament due to vote on the austerity package that international lenders have demanded as part of a massive bailout.

On Tuesday, the 19-commodity Reuters-Jefferies CRB index went up 1.7 percent – translating into the biggest daily increase in some six weeks – with investors confident that Greece will approve the plan to avoid defaulting on its debt.

By 0336 GMT, spot gold was up 0.2 percent to $1,502.70 an ounce, as was COMEX gold GCcv1, increasing to $1,503.60.

“People are not keen to go short, but we don’t see a rush to buy gold either because it is the low season,” a Singapore-based dealer said.

Yingxi Yu, an analyst at Barclays Capital, said “There are still reasons to buy gold, but just not any new
reason for now… Market participants are generally positive on gold, but it is a question whether now is the right time to enter the market given the volatility in risky assets such as equities and oil in particular.”

The long-term outlook for gold appears stable, as a result of low interest rates in the US, continued uncertainties in the fiscal situation of the euro zone, and a high rate of inflation in major emerging economies.

This week’s strength in global equities also resulted in platinum group metals gaining for the second session. Spot platinum increased 0.9 percent to $1,704, from its three-month low of $1,661.24 recorded earlier in the week.


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