Commodity Market Update (Gold)

Precious metals on Comex rallying after emergency bailout talks between Greece and it’s international creditors broke down. Gold future prices are trading $1178 an ounce, higher by five dollars after making a high of $1187 while Silver future prices are trading at $15.78 an ounce, up by five cents after making a high of $15.99. On Nymex, WTI Crude Oil prices dropped sharply as Greece looked set to default on its debt repayment this week which dampening demand of the crude oil. Crude Oil is selling at $58.10 per barrel, lower by more than two-and-half percent. Natural Gas is trading at $2.78 per mmBtu, up by half-a percent. On LME, all the base metals are trading in the red on fear of the global growth outlook. Nickel sinks most to six-year low to trade at $11845 per tonne, fell by almost five percent while Copper is currently quoting at $5767 per tonne, down by 25 points. Lead and Zinc prices are trading at $1765 and $2013 per tonne, lower by 16 and 13 points respectively.