GOLD WEBCAST – Gold price under pressure as Greece nears deal on debt saga

Otmane El Rhazi from The Bullion Desk.

Gold fell back below the key psychological level of $1,200 on Monday morning, pressured lower by Greece edging closer to a deal with its creditors on its bailout. Greece has reached a deal in principle with its creditors to extend the country’s 240-billion-euro bailout although it must present a list of reforms to its lenders to secure the four-month extension, making a messy departure from the eurozone – the so-called ‘Grexit’ – less likely. Still, any suggestion that the reforms will be rejected could see the deal collapse and reignite safe-haven appeal for gold. Still to come, a speech from ECB President Mario Draghi, a speech from Fed Chair Janet Yellen, the return of the Chinese market and US GDP

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