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Updated 14:10 11/05/21

Gold trades higher as Greek default looms

By Adam Pike, News Editor

22 Apr 2015

The gold price closed higher yesterday as concerns rose Greece is edging closer to outright default.

The yield on two year Greek government debt rose to an all-time high 28.5%, whilst the yield on the 10 year bond reached 13.3%. Such high rates indicate the market expects Greece to default on its debt obligations.

On Monday the newly elected government took the unprecedented move to formally request all state organisations, public pension funds and state owned companies transfer any spare cash to the central bank.

Eurozone finance ministers are scheduled to meet on Friday, however, it is unlikely a deal will be made before the Eurogroup meeting on the 11th of May, which is only a day before Greece has to pay 780 million Euro’s to the IMF.

The Greek stock market experienced a significant sell off with Bank shares hit the hardest.

The share price of the National Bank of Greece and Alpha bank fell 5% and 10% respectively. The euro also came under pressure and is down 12% against the U.S. dollar since the start of the year.

Gold is currently trading at £799.29 per ounce, silver at 10.67 per ounce, platinum £760.42 and palladium £508.38 per ounce.

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