Gold drops to four week lows
Bullion metals ended lower at Comex on Wednesday, 11 February 2015. Gold prices ended the U.S. day session lower and notched a four-week low on Wednesday. The precious metals were under selling pressure from a strong U.S. dollar and a resumption of the decline in crude oil prices. Investors awaited the outcome of a meeting of eurozone finance ministers on Greece's debt obligations to help gauge the next move for financial markets.
Gold for April delivery fell $12.60, or 1%, to settle at $1,219.60 an ounce on Comex.
March silver fell 11 cents, or 0.7%, to $16.76 an ounce.
Crude oil prices were lower on Wednesday on follow-through selling from Tuesday's sharp losses.The other key outside market found the U.S. dollar index higher on Wednesday. T
Economic data at EWall Street was limited to the MBA Mortgage Index and the Treasury Budget for January. The weekly MBA Mortgage Index fell 9.0% to follow last week's 1.3% increase. The Treasury Budget for January revealed a $18.00 billion deficit while the consensus expected a deficit of $19.00 billion.
Traders and investors will closely monitor the outcome of a meeting in Brussels, Belgium Wednesday between European Union officials and Greece. Greece's new government says it is abandoning a good portion of its debt reduction and austerity measures. Those measures were a prerequisite for Greece to get more financing from the European Union. Greece needs a new financing package by the end of this month. Germany is taking a hard line with Greece, saying the country needs to honor its previous obligations.
Powered by Capital Market - Live News
