By Paul Ploumis 26 Jun 2015 Last updated at 04:12:23 GMT
(Kitco News) - Gold prices ended the U.S. day session near steady Thursday. There is not much new in the market place this week, which is allowing the chart-based traders to control gold and silver—and the charts are bearish. August Comex gold was last down $0.80 at $1,172.10 an ounce. September Comex silver was last down $0.05 at $15.84 an ounce.
With not much happening in the market place this week, the Greece-European Union debt restructuring/bailout talks are the topic of discussion by default. The talks are down to the 11th hour (again). Reports said Greece and its lenders are submitting two drafts to a summit of EU leaders in Brussels taking place Thursday and Friday. The prospects for a deal have dimmed late this week after some hope earlier this week a deal would soon be reached. A Wall Street Journal report Wednesday said there is still a wide gap between the two sides. Germany is the most vocal critic of Greece’s proposals, saying they don’t go far enough on austerity measures. Greece’s present arrangement with its EU/IMF creditors expires on June 30—at which time Greece could run out of cash and be in default on its loans.
China’s central bank injected liquidity into its financial system Thursday, for the first time in over two months. The move is meant to lower borrowing costs for consumers and businesses. Some are reading this modest move by China’s central bank as suggesting further, more aggressive monetary policy easing may not occur. Markets paid little attention to the news.
The London P.M. gold fix is $1,172.65 versus the previous A.M. fix of $1,174.60.
Courtesy: Kitco News
