Relief that Greece reached a deal with its creditors put pressure on prices
Bullion prices ended lower at Comex on 13 July 2015 at Comex. Gold futures settled lower for a third straight session as relief that Greece reached a deal with its creditors put pressure on prices on Monday. A higher U.S. dollar index on this day was also a negative for the precious metals markets.
August gold lost $2.50, or 0.2%, to settle at $1,155.40 an ounce on Comex after tallying a decline of more than $5 an ounce in the past two trading sessions.
September silver ended down 2.4 cents, or 0.2%, at $15.457 an ounce after tacking on 0.8% on Friday.
Greece and the European Union/International Monetary Fund on Monday came to an agreement on a debt restructuring and financial aid dealavoiding for now an exit by Greece from the European Monetary System. However, the deal, which contains harsh austerity programs for Greece, must be passed by the Greek parliament, which votes on the matter on Wednesday. Much of the stipulations in the new deal are the same as voters rejected in a referendum a week ago. Still, the world market place viewed the agreement as very positive as world stock markets were in rally mode Monday. In reality, though, it appears this time the Greece-debt-crisis can might have been kicked a little farther down the road than what has usually been the case the past few years.
China's stock market continued to rebound on Monday, but the Chinese government continued to squelch sellers, and hundreds of stocks are still not being allowed to trade. There was some upbeat import and export data coming out of China Monday. China's exports were up 2.8% in June, year-on-year, which were higher than expected. Imports were down 6.1% in the same period.
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Negotiations between Iran and the U.S., regarding Iran's nuclear program and ending economic sanctions against Iran, are ongoing. Reports earlier Monday said a deal could be close at hand, but as the day progressed those hopes were fading. If a deal is reached it would be one more bearish element for crude oil market.
Traders and investors are looking ahead to Wednesday, when Federal Reserve Chair Janet Yellen makes her semi-annual appearance before the U.S. House, to discuss monetary policy with lawmakers. Yellen speaks to the Senate on Thursday.
U.S. economic data released Monday was very light. However, the rest of the week is a very busy one for U.S. economic data releases and Fed speak.
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