April 23 (Bloomberg) — Gold futures may fall in New York on speculation that Greece’s request for funding aid will curb demand from investors seeking an alternative to debt.
Greece asked for as much as 45 billion euros ($60 billion) in loans from the European Union and International Monetary Fund to help the government stave off a default. Gold has climbed 4.1 percent this year as some investors bought bullion as a hedge against declines in other assets including debt and currencies.
“Certainly the immediate high-wave concerns regarding Greece are now in calmer waters,” said Bayram Dincer, a commodity analyst at LGT Capital Management in Pfaeffikon, Switzerland. “Gold prices should trend lower.”
Gold for June delivery dropped 60 cents to $1,142.30 an ounce at 8:13 a.m. on the Comex in New York. Prices are up 0.5 percent this week. Bullion for immediate delivery climbed 30 cents to $1,141.80 an ounce.
Gold assets of ETF Securities in London and Zurich rose 0.1 percent yesterday to 7.65 million ounces, the highest since March 15. The metal traded in Swiss francs and in euros is near its record highs of April 9.
Silver for delivery in July dropped 0.3 percent to $17.99 an ounce on the Comex. Platinum for July delivery fell 0.4 percent to $1,737.70 an ounce on the New York Mercantile Exchange and palladium declined 0.9 percent to $560.20 an ounce.
By Claudia Carpenter
Tags: Debt, economic recovery, economy, european union, Global Economy, investors, new york, us economy, USA
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