Gold hits a three-week low on Tuesday
Bullion prices ended lower at Comex on Tuesfay, 30 June 2015 at Comex. Gold prices ended the U.S. day session low and hit a three-week low on Tuesday. The deteriorating Greek debt crisis has so far failed to roil world markets, or support safe-haven gold. A stronger U.S. dollar index on this day and the continued bearish technical posture for gold also had the sellers in firm control on Tuesday.
Gold for August delivery on Comex fell $7.20, or 0.6%, to settle at $1,171.80 an ounce. On Tuesday, prices tapped a low of $1,165.40 a level prices haven't settled at since mid-March. Year to date, prices based on the most-active contracts were down by roughly 1%. For the month, they lost about 1.5%.
September silver fell 11.4 cents, or 0.7%, to $15.581 an ounce for a year-to-date loss of 0.1%.
Gold futures on Tuesday marked a loss for the first half of the year as speculation that Greece and its creditors could strike a last-minute deal and strength in the U.S. dollar helped send the metal's prices lower for the session.
Tuesday is the last trading day of the month and of the quarter, which makes it an extra important trading day from a technical perspective. It's technically significant when a market closes at or very near its monthly (or quarterly) high or low for that period.
The Greece government needed to make a more than 1 billion Euro debt payment by the end of today, or be technically in default. Greece on Tuesday asked for a new bailout amid a last-minute diplomatic push to seal some kind of agreement before the country's current rescue deal expires and it defaults on a payment to the International Monetary Fund. Greek banks remain closed and Greece's prime minister has called for a July 5 referendum on new austerity measures. Greece is now closer than ever to exiting the European monetary system.
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European stock markets were lower again on Tuesday on the Greece worries. However, U.S. stock indexes were posting rallies on Tuesday afternoon and the rest of the world market place is a only bit anxious about what's happening with Greece--and by no means is the anxiety anything close to panic.
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