Gold Futures Declines 4-Week High Ahead of Greek Debt Talks

Gold Futures Declines 4-Week High Ahead of Greek Debt Talks

Greek PM Alexis Tsipras made a new proposal on a package of reforms to foreign creditors on Sunday. Image Source: http://bit.ly/1GizxjQ

Gold futures prices declined on Monday, near 4-week high as possible signs of progress in European leaders and Greece debt talks  later in the day.

Gold futures delivery in August on the Comex shed $5.90, or 0.49%, to trade at $1,196.00 a troy ounce. Besides, Spot gold slipped 0.3 per cent to $1,196.60 an ounce.

Greek PM Alexis Tsipras made a new proposal on a package of reforms to foreign creditors on Sunday, signaling concessions 11 hours to smash a deadlock that has pushed Greece to the brink of bankruptcy. A summit meeting of euro zone emergency is planned for later in the day.

Existing rescue of Greece is about to expire later this month, when it must also pay € 1.6 billion to the IMF. A violation by Greece could lead the departure of the Eurozone.

The euro pushed higher against the dollar early Monday, while the dollar index, which measures the strength of the greenback against a trade-weighted basket of six major currencies, was down 0.21% to 94.12.

The Fed slashed its growth forecast both US and its prospects of interest rates, prompting investors to drive back expectations on the timing of an initial rate hike.

At the Multi Commodity Exchange, gold for delivery in August contracts shed Rs 71, or 0.26 percent, to Rs 27,010 per ten gramson weak global cues.

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