Gold trades flat as trades consider Greece and a potential interest rate rise
By Adam Pike, News Editor
02 Jun 2015
The gold remained flat yesterday, as investors contemplated the timing of a U.S interest rate hike and the ongoing bailout discussions between Greece and their EU creditors. The gold price has been trading in a tight range between $1180.20 and $1190.50 over the last 48 hours.
Greece’s creditors confirmed yesterday that intensive work is required over the next couple of days in order to reach an agreement on the country’s economic reforms.
A 305 million euro payment to the IMF is due on Friday, but the Greek government has warned it will be unable to make the payment unless further bailout funds are released.
Expectations that the Federal Reserve may raise interest rates rose following better than expected manufacturing data. The Institute of Supply Management index rose in May as orders accelerated.
Gold is currently trading at £779.80 per ounce, silver £10.96 per ounce, platinum £727.89 per ounce and palladium £508.77 per ounce.