Open menu Close menu Menu
Open charts menu Close charts menu Charts

For help and advice call us on:

0121 369 3000

8am to 10pm - 7 days a week

£ $
Live Metal Prices
Metal Ounce Gram
Gold £1,458.30 £46.89
Silver £18.881 £0.607
Platinum £697.54 £22.43
Palladium £1,847.00 £59.38

Updated 22:36 23/10/20

Gold falls 1.6% despite a surge in ETF demand

By Duncan Richardson, News Editor

10 May 2016

After a strong start to the year the gold price fell back 1.6% yesterday on the news the Greek Parliament had agreed yet another reform package. The Greek government can now tap their fellow Eurozone members for more funds and stop the country defaulting on their sovereign debt.

The reforms put forward by Greek premier, Alex Tsipras, will increase the tax burden on the rich and reduce social spending on the poor.

Thousands demonstrated in Parliament Square, but yet again the will of the people was ignored. The Greek economy is in a mess and the social fabric of the country is being torn apart.

After briefly trading above $1,300 per ounce last week the price has now retreated to $1,266.08 per ounce as investors locked in profits. Demand from exchange traded funds remains robust, with 39 tonnes being added in the last week.

With the U.S labour market showing signs of weakness and PMI data pointing to a general slowdown in the global economy many analysts are predicting the gold price will once again break through the $1,300 barrier.

comments powered by Disqus