Volatility is dominating precious metals
Gold is fluctuating to trade within narrow levels today, affected by the weakening dollar and the approval of the Greek austerity plan, which spread optimism in the market regarding Greece avoiding default.
Spot gold is currently trading around $1511.92 per ounce, after the opening of $1511.89 to record the high of $1513.90 and the low $1509.37 per ounce.
Today, the low yielding currency fell to extend the losses recorded in the past sessions affected by the strengthened common currency, the euro, after the upbeat news from Greece. The majority of the Greek parliament members voted to pass the 78 billion euros, 5-year austerity plan, trying to get the aid needed to bailout the nation in terms of the pending 12 billion euros tranche of the last year's bailout package in addition to the new aid package discussed by the EU and the IMF alongside the private sector.
The dollar declined to the lowest level in 12 days, easing the pressures forced on the dollar denominated commodities supporting the upward trend. However gold is trading within narrow levels amid the optimism dominating the market.
The dollar index is currently trading around 74.37 after the opening of 74.61, where during the session it recorded the high of 74.67 and the low of 74.25.
Today, in Greece another vote is expected on the austerity measures implementation, where the parliament is expected to vote on adjusting several laws in order to apply the measures needed.
Moreover the new finance minister should be meeting with the European finance ministers on July 3 to argue for the pending 12 billion euros tranche after the parliament approved the required austerity measures, where Greece needs the tranche to pay salaries and wages in addition to the 6.6 billion euros of maturing bonds in August.
Among other precious metals, silver inclined today after the improved appetite for speculators to demand high yielding assets and commodities, where the cheerful news yesterday regarding the avoidance of the first sovereign debt's default in Europe has made the speculation forces move in the market demanding risky investments but still, the metal can also be seen trading within narrow levels this morning.
Spot silver is currently trading around $34.84 per ounce after the opening of $34.86; it recorded the high if $35.10 and the low of $34.67 per ounce.
Platinum also inclined today to currently trade around $1727.00 per ounce after the opening of $1712.00, where it recorded the high of $1730.00 and the low of $1712.00 per ounce.