Gold, Silver Dip on Upbeat News From Greece and China
Moscow-Russia (Feb 3) February futures on spot gold and silver slid by $2.30 (0.18%) down to $1,274.60 per ounce in New York on optimistic news coming from Greece and China.
March futures for silver also looked down dipping 0.27% to $17.21 per ounce.
Investor spirits were buoyed by the newly-formed Greek government of Prime Minister Alexis Tsipras’ stated desire to end the country’s debt standoff.
In an interview with The Financial Times Greek Finance Minister Yanis Varoufakis unveiled a proposal for swapping the nation’s towering debt for growth bonds.
He said two types of new bonds would be issued, one to be pegged on GDP growth, and the other without an exact maturity date.
The drop in gold futures was also prompted by news coming from China, which plans to initiate a system of free-market gold pricing in March.