Athens’ latest offer of reforms to stay away from debt default boosted hopes that a concrete agreement with international creditors remained possible. This pushed down process of gold and raised international stock indexes.
Prices of the yellow metal declined over one percent as oil futures also lessened. Meanwhile, finance ministers of the Euro Zone agreed to convene again next week to reach a possible agreement.
Greek officials are trying to settle issues with the International Monetary Fund, European Commission and European Central Bank.
The shared currency was virtually flat versus the US dollar while it moved up against the Japanese Yen and Swiss Franc. On the other hand, the euro climbed 0.79 percent or 140.42 yen.
The all country stock index (MSCI) went up 1.1 percent. Greek stocks were nine percent higher while bank shares rushed forward 20.8 percent. On the other hand, the New York Stock Exchange was boosted by the negotiations and positive developments in mergers and acquisition activities.
Dow Jones industrial average grew 93.79 points (0.52 percent) to 18,109.74 while Standards& Poor 500 gained 11.67 points (0.55 percent). NASDAQ Composite added another 27.85 points (0.54 percent) to 5,144.85. US Treasuries prices plummeted on optimism over the Greek deal and stronger-than-projected existing home sales data in the US sustained expectations of a US central bank interest rate increase probably in September.
Standard 10-year prices went down 27/32 to generate 2.36 percent from a profit of 2.27 percent before the week ended. The ECB increased the cap on emergency liquidity that private banks in Greece can withdraw from the Central Bank of Greece for the third time during the last six days.
Gold declined as global equities soared because of positive signs in Greek concessions which limited safe-haven order for this commodity. Spot gold went down 1.4 percent to a low of $1,183.75 per ounce. Oil futures decreased for a second session on concerns that demand for gasoline may weaken after a strong spell. Brent futures were down 20 cents (0.3 percent) or $62.82 per barrel while US futures fell 30 cents (0.5 percent) to $59.31.