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Gold Firmer, After Banks Close In Greece
Global markets are rattled following weekend news that the Greek government has called a bank holiday until July 6 in the continuing saga of its debt crisis with its creditors. European stocks tumbled on the news amid concerns the country is closer to an exit from the euro zone. Gold gained in overnight action, as August gold futures hit an intra-session high at $1,187.60, but have trimmed gains trading recently at $1,178.20 per ounce.
The Greek Prime Minister has called a referendum for July 5 to ask the citizens whether or not to accept the latest proposal by its creditors and global markets are now in a wait and see mode ahead of that date.
“We think they have to actually pack their bags and leave the Euro zone to cause more damage to the markets, at least in terms of getting the market’s worst fears realized. We do think Europe is better set for this crisis than it was back in 2012. Draghi said he would do what it takes, now it is up to the Eurogroup and the heads of state to see if they will do what it takes. Stay tuned. Story is still evolving,” wrote Chris Rupkey, managing director at MUFG Union Bank, N.A in a research note to clients.
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