Gold futures snapped a three-session losing streak
Bullion prices ended higher at Comex on Monday, 06 July 2015. Gold futures snapped a three-session losing streak to settle higher on Monday, finding haven-related buying interest on the back of expectations that one of the commodities biggest sources of demandChinamay take more aggressive action following a recent plunge in its stock market. Gold investors also kept an eye on Greece's deepening crisis and mulled the likelihood of a Federal Reserve interest-rate hike in the coming months.
Gold for August delivery on Comex rose $9.70, or 0.8%, to settle at $1,173.20 an ounce.
September silver added 19.1 cents, or 1.2%, to $15.753 an ounce.
The Greece public on Sunday voted no to new austerity measures to keep the country receiving financial aid from the European Union and International Monetary Fund. Odds are growing that Greece will leave the European Union monetary system. Negotiations between Greece and the EU/IMF are continuing despite the no vote. Reports said there will be another EU summit held on Tuesday.
Events in Greece have overshadowed China's heretofore overheated stock market, which is now down nearly 30% in just three weeks' time. The Chinese government enacted new measures over the weekend to stabilize the China equities market, including an injection of government money to stabilize the recent sell off. Many observers argue recent economic developments in China are more important to world markets than the Greece matter. China's economywhich is the world's second-largestis starting to wobble after several years of very strong growth rates. The China news also likely prompted some safe-haven demand for gold.
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