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Gold and Silver Prices Gain on Greek Austerity Deal

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Gold and silver prices are gaining in trading today after Greek lawmakers agreed to more austerity measures to secure additional bailout funds from the country’s international creditors.

At last check, spot gold was trading 0.7% higher at $1,731.60 an ounce. Gold futures for delivery in April on the Comex division of the New York Mercantile Exchange are up $8.60 to $1,733.90 an ounce.


Gold prices have risen in tandem with the euro. The single currency rose as worries about Greece eased a little. At last check, euro was up 0.24% against the U.S. dollar.

Anne-Laure Tramblay, analyst at BNP Paribas, told Reuters that while the Greek parliament has ratified the austerity measures, some uncertainty still remains, for instance regarding the demand for a clear commitment that all the members of the coalition government stick to the agreement.

Meanwhile, Morgan Stanley said in a research note today that the defensive nature of gold should continue to support investment demand as investors for safe havens. Morgan Stanley also said that a continued low or negative real interest rate environment will also provide support.

Silver prices are also gaining in trading today. At last check, spot silver was trading 0.9% higher at $33.86 an ounce.

The iShares Silver Trust (ETF) (NYSE: SLV) is currently trading 0.22% higher at $32.58, the ProShares Ultra Silver (ETF) (NYSE: AGQ) is currently trading 0.42% higher at $59.98, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) is currently trading 0.39% lower at $10.29.

 

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edliston
Post Written By: Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.


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Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing.

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