Gold prices traded near the lowest level in eight months on Thursday, amid easing concerns over Greece's debt crisis and amid growing indications that a rate hike is coming in the U.S. later this year.
Gold futures for August delivery on the Comex division of the New York Mercantile Exchange shed $1.20, or 0.1%, to trade at $1,146.20 a troy ounce during European morning hours.
A day earlier, gold fell to $1,141.90, a level not seen since November 7, before closing at $1,147.40, down $6.10, or 0.53%. Futures were likely to find support at $1,130.40, the low from November 7, and resistance at $1,155.80, the high from July 15.
Also on the Comex, silver futures for September delivery slumped 1.6 cents, or 0.11%, to trade at $15.03 a troy ounce. On Wednesday, silver dropped 26.7 cents, or 1.74%, to end at $15.04.
Greece's parliament approved harsh austerity measures demanded by the country’s creditors two hours after the imposed deadline early Thursday morning local time, clearing the way for negotiations on a third bailout package to begin.
The reform plan was approved with 229 votes in the 300-seat chamber, despite dozens of hardliners in the ruling Syriza party opposing the package, raising doubts over the future of Prime Minister Alexis Tsipras' government.
Ahead of the Greek vote on Wednesday night, the French national assembly voted overwhelmingly in favor of starting negotiations for the third bailout. Germany’s Bundestag is set to vote on the plan on Friday.
The eurogroup of euro zone finance ministers were to hold talks on the latest developments in Greece later Thursday.
Meanwhile, officials in Brussels were continuing efforts to assemble a €7 billion short-term financing package to keep Greece afloat until the new bailout can be finalized.
The European Central Bank, which is holding its monthly policy meeting in Frankfurt on Thursday, was expected to increase Emergency Liquidity Assistance (ELA) to Greek banks, the first step toward allowing them to reopen after being closed for nearly three weeks.
Meanwhile, demand for the dollar continued to be underpinned after Federal Reserve Chair Janet Yellen reiterated Wednesday that the central bank was on track to raise interest rates by the end of the year if the economy continues to evolve as expected.
Her comments came in a testimony to the House Financial Services Committee. Yellen is scheduled to address the Senate Banking Committee on Thursday morning.
#TIEInstitute
Gold futures for August delivery on the Comex division of the New York Mercantile Exchange shed $1.20, or 0.1%, to trade at $1,146.20 a troy ounce during European morning hours.
A day earlier, gold fell to $1,141.90, a level not seen since November 7, before closing at $1,147.40, down $6.10, or 0.53%. Futures were likely to find support at $1,130.40, the low from November 7, and resistance at $1,155.80, the high from July 15.
Also on the Comex, silver futures for September delivery slumped 1.6 cents, or 0.11%, to trade at $15.03 a troy ounce. On Wednesday, silver dropped 26.7 cents, or 1.74%, to end at $15.04.
Greece's parliament approved harsh austerity measures demanded by the country’s creditors two hours after the imposed deadline early Thursday morning local time, clearing the way for negotiations on a third bailout package to begin.
The reform plan was approved with 229 votes in the 300-seat chamber, despite dozens of hardliners in the ruling Syriza party opposing the package, raising doubts over the future of Prime Minister Alexis Tsipras' government.
Ahead of the Greek vote on Wednesday night, the French national assembly voted overwhelmingly in favor of starting negotiations for the third bailout. Germany’s Bundestag is set to vote on the plan on Friday.
The eurogroup of euro zone finance ministers were to hold talks on the latest developments in Greece later Thursday.
Meanwhile, officials in Brussels were continuing efforts to assemble a €7 billion short-term financing package to keep Greece afloat until the new bailout can be finalized.
The European Central Bank, which is holding its monthly policy meeting in Frankfurt on Thursday, was expected to increase Emergency Liquidity Assistance (ELA) to Greek banks, the first step toward allowing them to reopen after being closed for nearly three weeks.
Meanwhile, demand for the dollar continued to be underpinned after Federal Reserve Chair Janet Yellen reiterated Wednesday that the central bank was on track to raise interest rates by the end of the year if the economy continues to evolve as expected.
Her comments came in a testimony to the House Financial Services Committee. Yellen is scheduled to address the Senate Banking Committee on Thursday morning.
#TIEInstitute