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MTECHTIPS:-Gold plunges to a monthly-low, as Greece nears deal with creditors

Friday, June 5, 2015 5:46

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MTECHTIPS:-Gold plunges to a monthly-low, as Greece nears deal with creditors

Gold futures fell sharply on Thursday plunging nearly 1%, as Greece reportedly neared an agreement with its creditors following months of stalled negotiations, while the International Monetary Fund offered suggestions that the Federal Reserve should delay a much-anticipated interest rate hike until 2016. On the Comex division of the New York Mercantile Exchange, gold for August delivery plummeted more than 0.8% to an intraday low of 1,172.50, before rebounding slightly in U.S. afternoon trading to 1,175.00, down $9.90. Gold extended losses from one session earlier to plunge to its lowest level since Mar. 19. Gold likely gained support at 1,168.70 the low from Mar. 20 and was met with resistance at 1,204.70, the high from June 1. Following a five-hour meeting with European Commission president Jean-Claude Juncker, Greece prime minister Alexis Tsipras appeared hopeful that a deal which could unlock critical aid to the cash-strapped nation will be imminent. The two were later joined by Jeroen Dijsselbloem, president of the Eurogroup of finance ministers. While Tsipras characterized the talks as “friendly and constructive,” he remained adamant that any proposal, which included the removal of the nation’s Social Solidarity Benefit for low-income pensioners and the increase of a Value Added Tax by 10 points on electricity payments could not be a “basis for discussion. Although the European Commission indicated that “progress was made in understanding each other’s positions,” it still emphasized that no agreement had been reached. The two sides are expected to meet again before Tsipras is scheduled to address Greek Parliament on the progress of the negotiations on Friday evening. Greece is facing a loan payment of €300 million to the IMF on Friday, the first of a total of €1.1 billion due to the organization throughout the month. Tsipras has indicated that Athens will delay repayment on the loan until a deal is completed.

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