FOLLOW MARKETMOVES

Gold Prices Decline despite Grexit fears

Gold prices managed to snap a three-day decline, although weakness in the euro meant that the rise was tempered slightly, despite data showing increased central bank purchases last month.

During the afternoon the euro was able to pare its losses against the US dollar, in spite of economic news that showed manufacturing continued to slow across Europe. Even German data was weaker, showing that the eurozone’s economic powerhouse is being infected by the crisis of confidence sweeping the continent. IMF data showed that central bank holdings of gold grew yet again in April, as the Philippines, Mexico, Ukraine and Russia all added to their holdings.

The Philippines in particular made the largest purchase in over four years, a continuation of the trend of developing countries buying physical gold as a means of diversifying their holdings away from the US dollar.

comments powered by Disqus

All Commodities News

Tags

, Gold, IMF

Breaking News



Share this with your friends

To:
From:
Your comments:

Gold Prices Decline despite Grexit fears

Gold prices managed to snap a three-day decline, although weakness in the euro meant that the rise was tempered slightly, despite data showing increased central bank purchases last month.

Read more »

Log In or Sign up

Facebook User?

You can use your facebook account to sign up with Live streaming sport.

Connect with facebook
Remember me.
Did you forget your password?