Gold prices fell below $1,200 in the US after the latest round of talks between Greece and its European creditors ended today on a tentatively more optimistic note.
Gold for August delivery on the Comex division of the New York Mercantile Exchange was last down $10.0 or 0.8 percent at $1,191.90 per ounce. Trade has ranged from $1,190.70 to $1,200.80.
After months of negotiations, today’s talks broke up once again without a deal being secured to free up the funds needed for Greece to avoid defaulting on its debts. Athens must pay 1.6 billion euros to the International Monetary Fund (IMF) by June 30; failure to make that payment before the deadline could send Greece towards an exit from the bloc – the so-called Grexit.
Still, Prime Minister Alexis Tsipras put forward a new list of reforms last night to appease creditors that have been well received – Eurogroup president Jeroen Dijsselbloem called them “a step in the right direction” ahead of another eurogroup meeting later this week at which a deal may finally be struck.
No data was due for release this morning but manufacturing PMIs are due for release tomorrow from several major economies. Chinese markets are closed today for the annual Dragon Boat Festival Holiday.
In wider markets, Germany’s DAX and France’s CAC-40 were up 2.4 percent and 2.3 percent respectively, while the euro was 0.1 percent stronger at 1.1360 against the dollar.
As for other precious metals, Comex silver for July delivery was last down 1.9 cents to $16.090 per ounce. Trade has ranged from $16.030 to $16.165.
Platinum futures for July delivery on the Nymex sunk $19.50 to $1067.30 per ounce, while the most actively traded palladium contract was at $699.20, down $8.20.
(Additional Reporting by Ian Walker, editing by Mark Shaw)
The post Gold dips, Greek talks break up but heading ‘in right direction’ appeared first on The Bullion Desk.
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