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Week Starts with Surge of Safe-Haven Demand

July 6, 2015 at 18:19 by Vladimir Vyun

The major theme that has affected markets at the start of this trading week was the Greek referendum about the austerity measures demanded by the nation’s foreign creditors. The Greeks voted ‘no‘ to the demands, increasing the probability of an exit of Greece from the eurozone (Grexit).

The news led to a huge surge of safe-haven demand among investors. As a result, gold, which often considered to be a safer asset, logged gains during Monday’s trading. At the same time, copper dropped and crude oil demonstrated huge losses.

August futures for delivery of gold advanced 0.78 percent to $1,172.60 per troy ounce as of 18:14 GMT on COMEX today. Meanwhile, copper for delivery in September plunged 3.86 percent to $2.5295 per pound. August contract for WTI crude oil tumbled as much as 6.22 percent to $53.39 per barrel on NYMEX, and Brent crude sank 4.63 percent to $57.53 per barrel on ICE.

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