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Gold Recedes on Worries About Spain

Wall Street Journal - Jun 18, 2012

Gold futures prices slipped Monday as relief over Greece's weekend vote was replaced by fresh concerns about Spain's debt load.

The most actively traded contract, for August delivery, was recently down $5.70, or 0.4%, at $1,622.40 per troy ounce on the Comex division of the New York Mercantile Exchange.

Greece avoided a sudden exit from the euro after the pro-austerity New Democracy party captured a slim victory in the weekend elections. However, New Democracy must form a viable coalition government and convince Greece's euro-zone partners that it has the discipline to stay in the currency union.

Meanwhile, Spain's borrowing costs surged above 7% for the first time since the creation of the euro on concern the country's banking sector would require more help. Spain secured a EUR100 billion financial sector rescue package from European Union partners earlier this week, but investors now worry the funds won't be enough to steady the Spanish economy.

"The underlying problems facing the euro zone are still very much present," said Marc Ground, a metals analyst with Standard Bank.

Read Full Article from Wall Street Journal

- Posted: 2012-06-18 11:29:37

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