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Gold Rallies as Greek Story Unfolds

June 29, 2015 at 21:59 by Vladimir Vyun

Gold rallied today as the situation in Greece continues to cause confusion and uncertainty on the market. Prices for other precious metals were relatively little changed.

Greek Prime Minister Alexis Tsipras made a bold move after the end of Friday’s trading, announcing a referendum on July 5 regarding the austerity measures demanded by the international creditors. Greek authorities also threatened to go to a court in order to prevent the so-called Grexit. Meanwhile, Standard & Poor’s reduced the nation’s sovereign credit rating.

August futures for delivery of gold advanced 0.55 percent to $1,179.60 per troy ounce as of 21:53 GMT on COMEX today. September contract for silver ticked down 0.08 percent to $15.76 per ounce. Spot price for platinum was almost unchanged at $1,080.98 per ounce while palladium rose a bit by 0.05 percent to $667.90 per ounce.

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