Gold moved lower in the Asian trading hours on Monday over increased Greek optimism.
The spot gold price was last at $1161.7/1162.5 per ounce, down $0.5 on Friday’s close.
Over the weekend, Prime Minister Alexis Tsipras submitted a package of proposals to the eurozone leaders which have been overwhelmingly voted “yes” by the Greek parliament – but talks on Sunday’s Eurozone Summit have yet to reach a conclusion.
“The proposals require Greece to push legislation through parliament on a number of key reform measures by Wednesday in order to restore trust and credibility with other euro area economies,” ANZ said.
The proposal included reforms on pension and labour market to be approved by the parliament by this Wednesday; a potential transfer of Greek assets around €50 billion to an external fund for eventual privitisation as well as a possible “time out” for Greece from the Eurozone, ANZ noted.
“It is our view that while Grexit has become less likely in the wake of developments this weekend, such an event cannot be fully ruled out. As regards the ECB’s actions, we believe that last night’s agreement implies that the ECB is likely to maintain its liquidity assistance to Greek banks,” said Investment Strategy & Research Publication.
Meanwhile, today’s data includes Chinese trade balance figure, Japan’s revised industrial production number and further updates on Eurogroup meeting.
In the equity market, key Asia Pacific indexes moved higher with Shanghai Shenzhen CSI 300 Index increased 2.1 percent to 4192.96 and NIKKEI 225 up 1.54 percent.
As for other metals, silver was last at $15.53/15.58, platinum at $1023/1028, while palladium at $645/651 fell $1.
On the Shanghai Futures Exchange (SHFE), gold for December delivery was unchanged at 235.25 yuan per gram.
The post Gold slips on increased optimism over Greece appeared first on The Bullion Desk.
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