Potential Greek Euro exit spurs gold
Duncan Richardson, News Editor
7 Jan 2015, 10:48 a.m.
The gold price rose above £800 yesterday for the first time since March as concerns over Greece’s future in the Eurozone resurfaced. The uncertainty resulted in traders heading towards perceived safe haven assets such as the U.S. dollar and U.S. Treasuries along with gold bullion.
Greek anti bailout party, Syriza, is currently leading the polls and should they win Greece may leave the Eurozone and attempt to renegotiate the terms of its international bailout.
Risk aversion appears to have returned to the markets with gold advancing at the same time and the major stock markets retreating. Gold is up £44 per ounce since the start of the year and silver 80p per ounce.
Economic data in the UK, Italy and France all disappointed markets yesterday. The U.S dollar continued its relentless rise and now trades at a 17 month high against the British pound.
Gold is currently trading at 802.35 per ounce, silver at £10.85, platinum 806.05 per ounce and palladium £528.44 per ounce.