Gold Extends Losses, Amid Fueling Hopes for A Last-Minute Greek Deal

Gold Extends Losses, Amid Fueling Hopes for A Last-Minute Greek Deal

The media in Greece reported that the meetings were in progress to try to find a fix for break the deadlock before midnight. Image Source: http://bit.ly/1GKu6cC

Prices of US gold futures extended losses to trade nearly at least three weeks on Tuesday after a report that efforts are underway to renew the talks between Greece and its creditors, fueling hopes of a last-minute.

On the Comex, Gold futures for delivery in August hit a session low of $1,169.10 a troy ounce, while gold fell 0.3% to $1,176.59 an ounce in Singapore.

The media in Greece reported that the meetings were in progress to try to find a fix for break the deadlock before midnight, when the Greek bailout program officially expires.

A loan repayment € 1.6 billion to the International Monetary Fund is also falling due simultaneously without a bailout package in place of Athens is will almost certainly fall into arrears.

Greek closed its banking system on Monday ordered lenders stay closed during six days, following an ECB decision to not extend a lifeline to emergency funds.

European Union finance ministers a request from the Greek government refused to broaden rescue program until after the referendum.

The gold glitter has faded as the dollar strengthened in Euro-zone, but the Indian rupee closed at 63.65, up 0.32% from its previous close of 63.85 versus the US dollar.

Amid a weak trend in the global market, gold prices fell by Rs 43, or 0.16%, to trade at Rs 26,628 per 10 grams for delivery in August contract on MCX.

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