Demand eased for gold as a safe haven

Gold declined slightly today to trade again within narrow levels after the optimism seen in the market on the upbeat news from Greece, where the Greek parliament passed the second bill to enact the austerity measures.

Spot gold recorded the high of $1502.65 and the low of $1497.54 per ounce after the opening of $1500.06 and is currently trading around $1500.07 per ounce.

The dollar declined against the common currency, the euro, which has supported the dollar-denominated commodities to trade higher, yet gold stabilized with eased jitters in the euro zone regarding the situation in Greece shifting the demand from the safe haven to higher yielding currencies and commodities.

The dollar index declined today extending the losses recorded during the week, where it recorded the high of 74.55 and the low of 74.20 after the opening of 74.38 and is currently trading around 74.25.

The Greek parliament passed the bill to enact the measures required by lenders, which added positivity to the market due to the improving outlook regarding the debt crisis in Greece, where the country is going through the steps required to save the nation from a sovereign debt default, which qualifies Greece now to get the new aid package discussed by the EU and the IMF in addition to private lenders.

The recently appointed Greek finance minister is to attend the meeting of the European finance chiefs on July 3 to come to an agreement of handing the delayed 12 billion euros tranche of the last year's aid package for July, where Greece is running low on funds with wages payable in mid-July and 6.6 billion euros of maturing bonds in August.

Among other precious metals, silver also declined slightly today to trade within narrow levels with the volatility dominating precious metals. Speculative trading could be seen in the market, which might affect silver.

Spot silver recorded the high of $34.79 and the low of $34.35 per ounce after the opening of $34.64 and is currently trading around $34.48 per ounce.

Platinum is currently trading around $1725.00 per ounce after the opening of $1722.00, recording the high of $1727.00 and the low of $1721.00 per ounce.