SYDNEY (MarketWatch) — Gold futures fell in electronic trading Monday, as a push to the safety of the U.S. dollar weighed on demand for metals. Gold for June delivery GCM2 -0.23% dropped $3.30, or 0.2%, to $1,580.80 an ounce on the Comex division of the New York Mercantile Exchange during Asian trading hours. The soft start to the trading week came after the metal settled at its lowest level this year on Friday, as political turmoil in Europe prompted investors to flock to the U.S. dollar over other asset classes.
Sunday, May 13, 2012
Gold, silver fall in electronic trading
Asian Stocks, Commodities, Euro Decline on Greek Crisis
Asian stocks fell for the fourth day, the euro weakened and commodities dropped to their lowest this year as German Chancellor Angela Merkel’s party lost a state election and concern grew that Greece would exit the single European currency. Bond risk climbed in Asia. The MSCI Asia Pacific Index dropped 0.2 percent by 12:47 p.m. in Tokyo as Standard & Poor’s 500 Index futures also fell 0.2 percent. The S&P GSCI Index of 24 raw materials dropped 0.5 percent to its lowest level since December as oil lost 0.6 percent in New York. The euro fell 0.3 percent to $1.2879, touching the weakest since Jan. 23, while bond risk in Asia increased to the highest level since Jan. 30.
As European Austerity Ends, So Could the Euro
The euro currency is a malady that condemns at least a generation of Greeks, Italians, Spaniards, Portuguese and Irish to the economic infirmary. In these nations, unemployment rates are now at their highest levels in recent decades, and there are few prospects for recovery in sight. The economists and politicians who created the system still proclaim it can survive. Their time would be better spent recognizing they made a bad mistake and preparing for an orderly dismantling of the euro before the damage spreads and further undermines European unity.
Euro Officials Begin to Weigh Greek Exit
Greece’s possible exit from the euro area moved to the center of Europe’s debt-crisis debate, with officials beginning to weigh the fallout of a withdrawal even as authorities in Athens struggled to form a government. Meetings brokered by Greek President Karolos Papoulias are set to continue today after Syriza, the largest anti-bailout party, rejected a unity government following last week’s inconclusive elections. The country where the 2 1/2-year-old crisis began moved closer to a new vote, and to the possibility of a euro-area exit that was once a taboo among policy makers.
Aussie Falls Below Dollar Parity on Greek Woes
The Australian dollar declined to less than parity with its U.S. counterpart for the first time this year amid concern that Greece will leave the euro bloc, curbing demand for higher-yielding currencies.
Political unity was at heart of troubled euro currency
In the 1990s, as they prepared to launch the euro, the continent's political leaders said they couldn't imagine a Europe without Athens or go forward without the glory of Rome.
Commodities Rally Hits a Speed Bump
Commodities fell to nearly two-year lows last week, measured by a widely used benchmark, prompting investors to ponder whether the massive rally that began in 1999 may be faltering. China is cooling down at the same time the U.S. is struggling to heat up, clouding the outlook for the world's two biggest consumers. And producers of some raw materials have ramped up supplies enough to create at least temporary gluts, particularly if appetites falter.
Greek Coalition Talks Appear Near Collapse
ATHENS — Talks to form a new Greek government appeared near collapse on Sunday after the leader of a left-wing party that favors rejecting Greece’s loan agreement with foreign creditors again refused to join a unity coalition, making new elections almost a given.
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