[Most Recent Quotes from www.kitco.com]

Gold fell $4.86 to $1,757.79 an ounce on Friday

Gold ticked lower on Friday after rising more than 1 percent in the previous session, but prices held near their highest in six weeks due to the uncertainty surrounding the euro zone debt crisis and the prospect of a Greek exit from the euro.
Greece’s abrupt call for a referendum, just days after a deal was struck to save the debt-stricken country from defaulting, ignited panic in global financial markets.

But intense European pressure has forced Greece to seek political consensus on a new bailout plan instead of holding a
referendum after EU leaders raised the prospect of a Greek exit from the euro to preserve the single currency.
Gold fell $4.86 an ounce to $1,757.79 an ounce by 0320 GMT, but headed for its second week of gains. Gold jumped
to as high as $1,767.40 on Thursday, its strongest since Sept. 22 — still below a record around $1,920 hit in September.
“It’s not all plain sailing in the Aegean,” said Nicholas Trevethan, a senior metals analyst at ANZ Bank in Singapore.
“Direction will depend on the no-confidence vote in Athens.
If Papandreou keeps his mandate, that may well trigger another round of buying, not only in gold but in other commodities as well.”
Greek Prime Minister George Papandreou bowed to cabinet rebels and agreed to step down and make way for a negotiated coalition government if his Socialists back him in a confidence vote on Friday, government sources told Reuters.

U.S. gold GCcv1 edged down 0.33 percent to $1,759.30 an ounce.
“Whether Greece will break free from the euro zone, we don’t know. I think gold is really supported by the euro zone
(crisis),” said Ronald Leung, director of Lee Cheong Gold Dealers in Hong Kong.

1 2

Tags: , , , , , , , , , ,

Posted by on Nov 7 2011. Filed under Gold price. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

You must be logged in to post a comment Login