Greek aid package supports gold
Gold has conquered the $1155.00 level with the start of this week's trading, gaining support from the positive wave that is spreading through the market over the global economic recovery. Gold has also benefited from the falling dollar, an event which stimulated demand on basic commodities and high yielding assets.
Gold rose 0.06% today to $1158.20, silver gained 0.3% to $18.392, platinum has almost reached its April 22 peak of $1754.75 as it ascended to $1750.75, up by 0.5%, while palladium rose by 0.9% to $568.35.
Friday's evening trading saw gold appreciate as a result of the Greek government request to activate the 45 billion euro aid provided by members of the euro zone and the International Monetary Fund (IMF).
The Greek government faces 8.5 billion euro of debt maturing May 19, as the Greek finance minister George Papaconstantinou announced that the needed funds will be available within several days; he is arranging the details over the bailout with his European counterparts and representatives from the IMF.
Investors have turned their funds to high return commodities and currencies, which is reflected by the appreciation of the euro against the dollar this morning to 1.3396.
The outlook for precious metals remains bright, built on optimistic forecasts of recovering global economies and growing demand for industrial metals, the likes of copper and platinum.
Rising 0.32 points last Friday the S&P GSCI index closed at 549.17; while RJ/CRB added 1.93 points and closed at 279.05.
Gold futures due June declined by 0.43% to $1158.700 at 2:59 EST, while silver futures rose by 1.03% to $18.410. Copper futures gained 0.99% ascending to $356.550.