GoldCore Update: Gold Volatile on Weaker Euro and Renewed Greek Concerns
Gold finished trading last night in the US at $1,124.05/oz with a small gain of 0.11%. Gold rose in Asian trading and has been erratic and volatile in European and US trading and is currently trading at $1,127.80/oz in US dollars. In euro and GBP terms, it is trading up 1% at €827.60/oz and up 0.5% to £739.18/oz, respectively.
Gold has been erratic and volatile with sharp swings in value due to currency uncertainty. The euro has fallen due to renewed concerns about the Greek financial situation and disputes as to whether the EU or the IMF will help bail out the near bankrupt Greek economy.
News that central bank demand was the highest since 1964 will embolden bulls as it seems likely that this trend will remain for the foreseeable future due the sovereign risk. Even with gold near record highs, central bankers see the merits of having small allocations to gold for diversification purposes.
Silver ended trading in New York with a gain of 0.87% at $17.49/oz. At the moment, silver is trading at $17.48/oz, €12.78/oz and £11.41/oz.
Platinum Group Metals
Platinum is trading at $1,627/oz and palladium at $474/oz. Rhodium is currently trading at $2425/oz.
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