Gold may extend yesterday’s gains ahead of the Greek parliament vote
Gold inclined today extending the gains recorded yesterday, where concerns are dominating the market regarding the situation in Greece awaiting the parliament's final vote later today. In addition, the weakening dollar eased the pressures forced on the shiny metal.
Gold inclined today in the Asian session after the opening of $1501.15 per ounce, recording the high of $1504.89 and the low of $1499.87 and is currently trading around $1504.40 per ounce.
In Greece, concerns are dominating the market after yesterday's violent protests in front of the parliament, where thirty-seven policemen were injured in addition to the damages caused by protesters to several buildings besides burning vehicles before the parliament votes on the 78 billion Euros austerity package required by lenders to qualify Greece for another bailout package in addition to the pending 12 billion Euros tranche for July, where Greece will have to cover 6.6 billion Euros of maturing bonds in August.
The dollar may extend the losses incurred in the last two sessions, where the greenback weakened after the relief wave spread in the market amid eased jitters and fears over the possibility for Greece to actually default, in addition to the downbeat income report and consumer confidence index. The relief rally and expectations that the parliament will pass the vote in addition to the soft dollar all supported the rebound in commodities and especially crude which supported gold to move higher.
The dollar index slightly dropped today after the opening of 75.02, recording the high of 75.13 and the low of 74.95 and is currently trading around 74.99.
Among other precious metal silver also gained today after opening at $33.92 per ounce to trade now around $34.11 after recording the high of $34.21 and the low of $33.76 per ounce.
Platinum traded today within narrow levels reaching the low of $1685.00 per ounce after recording the high of $1695.00, and is currently trading near the opening of $1695.00 per ounce.