Key Topics: AUY, CDE, Gold Ends Lower On Greece Drama (GLD, Greece, HL), IShares, New Gold, New York Mercantile Exchange, NGD, PAAS, SIVR, SLV, SPDR Gold Shares, Yamana Gold
Gold prices ended lower on Friday weigh by delays on Greece’s second bailout and as the metal failed to catch safe-haven bids. The dollar was also putting pressure on the yellow metal as the demand for safe haven increased.
Gold futures for delivery in April dropped $21.30, or 1.22%, to $1,72.20 an ounce on the Comex division of New York Mercantile Exchange. In the previous trading, it was up 0.60%.
Investors started booking profit in metals as doubts mounted about the deal Greece struck with political parties as European finance ministers demanded a vote on the agreed-upon austerity measures before shipping off any more financial aid to Athens. Greeks started a strike and clashed on the streets in Athens ahead of the vote, expected Sunday.
The U.S. dollar rose against the euro, further weighing on entire commodities. The dollar index surged to 79.11 from 78.582 late Thursday, with the euro EURUSD -0.82% and the British pound GBPUSD -0.50% both moving lower.
Late Thursday, CME Group announced a cut in margin in gold futures was cut 12% to $10,125.
Selling pressure was also intensified as China’s trade surplus for January widened more than expected because of a sharp decrease in imports. The U.S. trade deficit expanded in December to its highest in six months, the Commerce Department said. The improved economy attracted more imports.
Elsewhere in the metals complex, March silver 46 cents, or 1.35%, to trade at $33.46 an ounce. March copper HG2H slid 12 cents, or 3%, to $3.86 per pound. Platinum and palladium also traded lower, with April platinum $7.50, or 0.45%, to $1,660.10 an ounce. March palladium was off $9.30, or 1.31%, to $702 an ounce.
SPDR Gold Trust (ETF) (NYSE:GLD) fell 1.27 (-0.76%) to $166.75. Yamana Gold Inc. (USA) (NYSE:AUY) lost 0.27 (-1.64%) to $16.19, New Gold Inc. (USA) (NYSEAMEX:NGD) is trading lower by 2.14% to $11.44.
ETFS Silver Trust (NYSE:SIVR) lost 0.39 (-1.16%) to $33.18 and iShares Silver Trust (ETF) (NYSE:SLV) eclined 0.40 (-1.22%) to $32.51.
Coeur d’Alene Mines Corporation (NYSE:CDE) lost 0.68 (-2.45%) to $27.11. Pan American Silver Corp. (USA) (NASDAQ:PAAS) fell marginally to $23.96 and Hecla Mining Company (NYSE:HL) lost 2.33% to $5.04.
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