Gold loses ground but silver gains
Bullion prices ended mixed on Thursday, 09 July 2015 at Comex. Gold futures lost ground on Thursday as investors turned much of their attention to a rally in U.S. equities. But silver gained.
Gold for August delivery fell $4.30, or 0.4%, to close at $1,159.20 an ounce on Comex after hitting a low under $1,156 overnight. Prices had settled $10.90 higher on Wednesday at $1,163.50, after a more-than-$20 drop on Tuesday.
On Comex, September silver extended its gain from a day earlier, tacking on 20 cents, or 1.3%, to finish at $15.361 an ounce. Demand for silver has been growing and the U.S. Mint recently announced that it has sold out of American Eagle Silver Bullion Coins.
U.S. stocks climbed, on Thursday after a 1.5% drop a day earlier on worries surrounding China's recent stock market decline. Chinese equities also jumped Thursday.
The U.S. ICE Dollar, a measure of the dollar's strength against a basket of rival currencies, nudged a bit higher, which may also be putting pressure on dollar-denominated gold.
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China's stock market rallied sharply on Thursday, in part due to the Chinese government forcibly propping up the market and squelching equities sellers. This somewhat assuaged market worry regarding the world's second-largest economyat least for today.
Negotiations between Greece and the EU/IMF are continuing this week with still no deal reached. Greece wants a new three-year bailout package as its banks are running out of cash. European Central Bank officials are now being quoted as saying odds have increased that Greece will exit the European Monetary System. Greece must come up with an EU-acceptable plan by Sunday. European stock markets were higher on Thursday, as the Greece matter is becoming old hat.
The Bank of England as expected kept its monetary policy steady at its latest regular meeting on Thursday.
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