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11.02.2015 11:00

Gold prices almost flat despite Greek Standoff

Gold is trading almost flat today despite concerns over Greece and the upcoming Eurozone Emergency Meeting. Germany maintained its position that Greece has to comply with the terms of the bailout.

Yesterday Prime Minister Alexis Tsipras won a confidence vote in Greek Parliament on his plan to cancel the international bailout. Hopes for a compromise in Greek debt negotiations lend support to the markets. Reports state that the European Commission could propose a six-month extension to the bailout program. Greece seeks to get a 10 billion euro bridging plan in order to buy time and to avoid a funding crunch but according to German Finance Minister Schäuble there are no plans to give the country more time.

A stronger U.S. dollar and the prospect for higher U.S. rates following last week's robust U.S. jobs report weigh on the precious metal as it is dollar-denominated and not yield-bearing.

The precious metal is currently quoted at USD1,234.30, +0,06% a troy ounce. On Thursday the 22nd of January gold reached a five-month high at USD1,307.40. Gold dropped on February 2nd after U.S. payroll gains.

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