Black gold is doing better that yellow gold as gold hits a 5-year low overnight, but oil stays solidly above $50 a barrel. Prices failed to take out $50 a barrel after U.S. rig counts resumed their downward trend. The U.S. oil-rig count for oil fell by 7 to 638, according to Baker Hughes.
The Greek parliament has approved the bailout package and the market has accepted it with a strong corrective rally in the equities indices after yesterday afternoon featured some protective selling near the close.
Yesterday, gold fell $5.90 to $1,149.30 an ounce and silver slipped $0.27 to $15.11 an ounce. Gold in Singapore for immediate delivery traded marginally lower as did gold bullion in Switzerland – dipping to below $1,144/oz.