Gold futures declines ahead of Greece debt talks, investors sell most from funds in 7-Months

Gold futures declines ahead of Greece debt talks, investors sell most from funds in 7-Months

Greece and the Eurozone were to hold another round of discussions later Monday as Athens rushes to reach agree on a package of economic reforms aimed to gain access to fresh bailout funds. Image Source: http://bit.ly/1F21BJR

Prices of gold futures fell on Monday as investors focused attention on a meeting of EU finance ministers and Greece later in the day.

Gold holdings refused because investors sold most of bullion-backed funds in seven months.

Greece and the Eurozone were to hold another round of discussions later Monday as Athens rushes to reach agree on a package of economic reforms aimed to gain access to fresh bailout funds.

Before the talks, the Government of Greece noted that still hoped that progress has been made, but of the Eurozone officials has shown that many issues still remain unresolved.

Greece was due to pay roughly € 770 million to the International Monetary Fund on Tuesday.

On the Comex, gold futures for June delivery shed $4.70, or 0.4%, to trade at $1,184.20 a troy ounce.

Holdings in exchange-traded products fallen 10.1 tons, the most since Oct. 8, according to data compiled by Bloomberg as of Friday. Assets now total 1615.1 tons, at least since mid-January.

Investors have sold the metal amid speculation of a strengthening economy will prompt the Federal Reserve to raise interest rates this year. Payroll data from the US released on Friday showed job growth improved in April to come just below economists’ estimates, while the unemployment rate declined. The higher borrowing costs curb appeal of gold because the metal generally offers returns only through price increases.

Gold futures prices on MCX were trading flat, Gold August contract was trading at Rs 27140 up Rs 23, or 0.08 percent.

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