Possibility of Greece Exiting the Euro Lifts Silver, Gold Futures

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Gold and silver futures rose to 3-week high after Europe’s economic concerns mounted, spurring demand for the precious metals as a haven.

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A gauge of euro-area services and manufacturing signaled growth slowed in the final quarter of 2014, and the euro extended losses versus the dollar amid Greek opposition to austerity measures that may prompt the country’s exit from the currency bloc, Bloomberg News reported. Money managers raised bullish wagers on gold for the first time in three weeks, US government data showed.

On Wednesday, January 7, the day’s biggest mover was US silver, which saw a 3.1% increase to $16.55 per ounce. Indian silver prices rose 1.3% to INR 38,345 ($603.21) per kilogram. Chinese silver prices inched up 1.0% to CNY 3,490 ($562.03) per kilogram. After a 0.2% increase, Japanese silver finished the day at JPY 616.00 ($5.19) per 10 grams.

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The price of US gold bullion increased 1.8% to $1,219 per ounce. Chinese gold bullion finished the day up 0.8% to CNY 243.75 ($39.25) per gram. Indian gold bullion saw its price rise 0.5% to INR 27,521 ($432.94) per 10 grams. Japanese gold bullion finished the day down 0.3% to JPY 4,609 ($38.84) per gram.

The price of Japanese platinum bar declined 1.3% to JPY 4,633 ($39.04) per gram. At $1,219, the price of US platinum bar finished the market day up 1.0% per ounce. The price of Chinese platinum bar rose by 0.8% to CNY 260.00 ($41.87) per gram.

The price of Japanese palladium bar fell 2.3% to JPY 3,078 ($25.94) per gram. The price of US palladium bar rose by 0.6% to $801.00 on Wednesday after remaining flat for two days. After falling for two days, the price of Chinese palladium bar rose 0.6% to CNY 178.00 ($28.67) per gram.

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