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Thursday, February 12, 2015

Dull day for bullions

Gold drops to four week lows 


Bullion metals ended lower at Comex on Wednesday, 11 February 2015. Gold prices ended the U.S. day session lower and notched a four-week low on Wednesday. The precious metals were under selling pressure from a strong U.S. dollar and a resumption of the decline in crude oil prices. Investors awaited the outcome of a meeting of eurozone finance ministers on Greece's debt obligations to help gauge the next move for financial markets. 

Gold for April delivery fell $12.60, or 1%, to settle at $1,219.60 an ounce on Comex. 

March silver fell 11 cents, or 0.7%, to $16.76 an ounce. 

Crude oil prices were lower on Wednesday on follow-through selling from Tuesday's sharp losses.The other key outside market found the U.S. dollar index higher on Wednesday. T
Economic data at EWall Street was limited to the MBA Mortgage Index and the Treasury Budget for January. The weekly MBA Mortgage Index fell 9.0% to follow last week's 1.3% increase. The Treasury Budget for January revealed a $18.00 billion deficit while the consensus expected a deficit of $19.00 billion. 

Traders and investors will closely monitor the outcome of a meeting in Brussels, Belgium Wednesday between European Union officials and Greece. Greece's new government says it is abandoning a good portion of its debt reduction and austerity measures. Those measures were a prerequisite for Greece to get more financing from the European Union. Greece needs a new financing package by the end of this month. Germany is taking a hard line with Greece, saying the country needs to honor its previous obligations.
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