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- Gold prices recover from yesterday’s drop to 5-week lows
Gold prices recover from yesterday’s drop to 5-week lows
Gold is trading higher today, recovering from 5-week lows, as concerns over Greece after the Eurozone Emergency Meeting boost haven assets. The meetings failed to reach an agreement and deliver a joint statement on the outcome. Greece presented a 10 point plan to replace the bailout deal but creditors are insisting on the terms of the original agreement. Greece's bailout will expire on February 28th. Fears that Greece might leave the Eurozone, the "Grexit", support the precious metal, as decisions on the bailout-deal are postponed until next week, February 16th, were the next meeting is scheduled. Today E.U. leaders will meet at a summit.
A stronger U.S. dollar and the prospect for higher U.S. rates following last week's robust U.S. jobs report weigh on the precious metal as it is dollar-denominated and not yield-bearing.
The precious metal is currently quoted at USD1,223.60, +0,29% a troy ounce. On Thursday the 22nd of January gold reached a five-month high at USD1,307.40.
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