MC: Gold struggles to snap losing streak as Greece lingers
Gold futures showed little change early Thursday, as traders tracked discussions about a debt deal for Greece that appeared to grow increasingly unlikely during the day.
Gold for August delivery on Comex GCQ5, -0.03% was last down about 80 cents, or less than 0.1%, to $1,172.70 an ounce, while September silver SIU5, -0.44% dropped by 8 cents, or 0.5%, to $15.82 an ounce. On Wednesday, gold prices settled lower for a fourth session in a row and at their lowest level since June 5.
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Looking beyond Greece’s woes, which could prove a benefit for the yellow metal, the World Gold Council “has painted a relatively optimistic picture of Chinese gold demand,” said commodity analysts at Commerzbank in a note Thursday.
Presently, “developments in Greece are likely to have a greater bearing on the price in the short term,” the Commerzbank analysts said. Gold traditionally serves as a haven in times of uncertainty. Optimism over a Greek deal had robbed the yellow metal of its haven-related support but questions about whether an accord can be struck might push the metal higher.
The dollar DXY, -0.09% was also little changed against its major rivals in early action Thursday, while U.S. stock-index futures pointed to a higher open. The dollar can influence the price of gold because the strength of the buck can make gold, which is priced in dollars, more expensive to by for buyers in other currencies.
Also weighing on gold was fresh readings on U. S.weekly jobless claims and consumer spending roughly, which matched the expectations of economists polled by MarketWatch.
In other metals trade, October platinum PLV5, +0.61% tacked on $1.70, or 0.2%, to $1,076.20 an ounce, while September palladium PAU5, -2.97% slumped by $14.45, or 2.1%, to $681.25 an ounce.
September copper HGU5, -0.25% slipped by a penny, or 0.3%, to $2.62 a pound.
