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Tuesday, February 24, 2015

Precious metals turn little pale

Losses are limited as traders watched developments linked to Greece's bailout extension 


Bullion prices settled little lower on Monday, 23 February 2015 at Comex but found some support as traders watched developments linked to Greece's bailout extension. Strength in the U.S dollar on Monday also put pressure on dollar-denominated prices for bullions. 

Gold for April delivery fell $4.10, or 0.3%, to settle at $1,200.80 an ounce on Comex. The decline marked a second straight session decline for prices. 

March silver also declined by 1.9 cents, or 0.1%, to end at $16.254 an ounce. 

The eurozone on Friday approved Greece's bailout extension, soothing jitters and weighing on prices of the perceived safe haven. 

Economic data at Wall Street was limited to the Existing Home Sales report, which showed a 4.9% decline in January to a seasonally adjusted annual rate of 4.82 million from an upwardly revised 5.07 million (from 5.04 million) in December while the consensus expected a decline to 4.95 million SAAR. The existing home sales data is derived from actual closings. 

Even though mortgage rates declined significantly in January, the impact from lower mortgage rates will not be felt until February. Furthermore, inventory levels continue to be troublesome for growth. During normal sales periods, inventory levels typically hold at roughly 6 months at the current sales rate. In January, inventories represented only a 4.7 months' supply.
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