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Tuesday, March 10, 2015

Mixed finish for bullions

Gold futures settle higher for the first time this month 


It was mixed finish for bullions on Monday, 09 March 2015 at Comex. Greece's financial saga helped gold futures settle higher for the first time this month, with the precious metal benefiting on Monday from haven-related buying interest on renewed worries about Athens's ability to fund itself. Silver dropped. 

Gold futures for April delivery on Comex rose $2.20, or 0.2%, to settle at $1,166.50 an ounce. Prices have suffered declines in each of the past five trading sessions, losing a total of 4% last week. 

May silver fell 3.1 cents, or 0.2%, to settle at $15.776 an ounce. 

The market place on Monday was still digesting Friday's stronger U.S. jobs report and its implications on U.S. monetary policy. Asian and European stock markets were mostly weaker in reaction to the U.S. jobs report on Friday, and the notions that report will prompt the Federal Reserve to raise interest rates sooner--as early as June. 

The U.S. jobs report Friday and the specter of a tighter U.S. monetary policy trumped the beginning of the European Central Bank's big bond-buying program Monday (quantitative easing). 

European Union finance ministers met Monday to discuss whether to accept reform proposals from Greece, regarding its debt financing and repayment schedule. There were weekend reports that Greece's financial situation is worse than most expected. Those reports also prompted just a bit of safe-haven buying interest in gold. 

The key outside markets on Monday found the U.S. dollar index stable following big gains Friday that saw the index score an 11.5-year high. The Euro currency was also near steady after hitting an 11-year low on Friday. Crude oil prices were modestly higher by afternoon trading on Monday. 

U.S. economic data for released Monday was light and included the employment trends index, which had a negligible market impact.
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