Gold Prices Steadies in Asia, After 4-Day Drop, Greece Debt Talks Eyed

Gold Prices Steadies in Asia, After 4-Day Drop, Greece Debt Talks Eyed

US gold futures was steady on Thursday in Asian trade after 4 days of losses as traders took to the sidelines to await more news about the Greek debt negotiations with creditors, cautious about the prospects long term metal weighing on interest.

Spot gold was at $1,174.00 an ounce, little changed from the previous session, while Comex gold for August delivery were up 30 cents at $1,173.20.

Conversations between Greece and its creditors remained inconclusive, as discussions remained in recent reform proposals Greece’s creditors and counter-proposal by Greece.

Prime Minister of Greece, Alexis Tsipras, told European Union leaders in Brussels on Thursday that any agreement with creditors “must be feasible and have adequate financing” a Greek official told reporters.

The time runs for the Greek authorities in securing an agreement to unlock bailout funds ahead of schedule looming for a refund € 1.6 billion to the International Monetary Fund on 30 June.

If Greece fails to pay runs the risk of getting into default, which could cause the departure of the euro area.

The emergency talks could resume on Saturday, reported The Guardian.

Gold has encountered additional pressure from a stronger US dollar, which hit a two-week high versus the euro earlier this week before stabilizing on Thursday.

In the international market, where gold remains at two-week lows. The impact resulted in the household. MCX gold flat and is trading around Rs 26,500.

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