Silver, Gold Increase as Greece Elects Far-Left, Anti-Austerity Leaders

Fresh concerns about the future of the eurozone resurfaced to unsettle markets Monday after Greece’s far-left Syriza party swept to power supported by voters opposed to the terms of the nation’s international bailout.

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Syriza party leader Alexis Tsipras agreed to form a coalition government with the Independent Greeks party, a right-wing group that is similarly opposed to the budget cuts and other austerity measures demanded by the European Commission, European Central Bank and International Monetary Fund in return for a massive $270 billion bailout.

The price of Japanese palladium bar fell 1.9% on Friday, January 23 to JPY 2,935 ($24.71) per gram, making it the day’s biggest mover. US palladium bar held its value last Friday at $765.00 per ounce. Chinese palladium bar saw little change in its price last Friday at CNY 173.00 ($27.87) per gram.

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Chinese platinum bar prices inched up 0.4% to CNY 271.00 ($43.66) per gram. Following two days of rising prices, the price of Japanese platinum bar dropped 0.3% to JPY 4,824 ($40.62) per gram. The price of US platinum bar showed little movement last Friday at $1,269 per ounce.

The price of US gold bullion increased 0.7% to $1,302 per ounce. Indian gold bullion gained 0.7% to finish at INR 28,269 ($459.57) per 10 grams. Chinese gold bullion saw its price rise 0.5% to CNY 259.82 ($41.86) per gram. After improving for two days, the price of Japanese gold bullion declined 0.4% to JPY 4,899 ($41.25) per gram.

US silver prices rose 1.1% to $18.31 per ounce. After a 0.6% increase, Japanese silver finished the day at JPY 682.00 ($5.74) per 10 grams. At INR 40,715 ($661.90), the price of Indian silver finished the market day up 0.6% per kilogram. Chinese silver finished the day up 0.5% to CNY 3,800 ($612.24) per kilogram.

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