The gold price was little changed in the Asian trading hours on Monday ahead of a busy week for data.
Spot gold was last at $1,181.8/1,182.2 per ounce, up $1 on the previous close. Trade has ranged from $1,180.3 to $1,186.3 so far.
Investors’ attention remains directed at the outcome of the Greece/ EU bailout funds discussions, Commerzbank noted.
Despite another meeting in Brussels over the weekend, a deal on Greece has not been reached. The upcoming Eurogroup meeting on June 18 is now being proposed as the next opportunity for negotiations.
As well, the US dollar will be the focus of the week, ANZ noted, with the FOMC meeting scheduled for Thursday.
The US currency was stable last at around 1.1218 against the euro. “A further escalation of Greece’s debt woes could push EUR/USD back below 1.10. We stay negative on EUR/USD for more weakness to come,” Credit Suisse said.
US activity and inflation data is also due this week, which will be eyed by investors for updates regarding the state of the US economy.
Today’s data includes Empire state manufacturing index, capacity utilization rate, industrial production and NAHB housing market index. From the eurozone trade balance is due.
In other precious metals, silver was little changed at $15.91/15.96 as was platinum at $1,092/1,097. Palladium was down $3 at $733/739.
On the Shanghai Futures Exchange (SHFE) gold was largely unchanged – it recently traded at 239.25 yuan per gram.
The post Gold price steady, busy data week in focus appeared first on The Bullion Desk.
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