Forexpros – Gold futures eased off a two-day high on Tuesday, as a broadly stronger U.S. dollar reduced the appeal of the precious metal, but prices remained supported amid ongoing concerns over Greece’s debt crisis. On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at USD1,494.45 a troy ounce during late Asian trade, dipping 0.15%. The gold contract traded between a range of USD1,493.65, the daily low and USD1,498.45, which was the highest price since July 1. The euro retreated from a one-month high against the greenback, while the dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.45% to trade at 74.90, a three-day high. A stronger dollar saps demand for raw materials as an alternative investment and makes metals priced in the currency more expensive in terms of other monies. Losses were limited amid ongoing concerns over Greece’s sovereign debt woes. On Monday, ratings agency Standard and Poor’s said a proposed plan by French lenders to rollover Greek debt by reinvesting half of the proceeds from maturing Greek government bonds into new 30-year Greek bonds would amount to a “selective default” if implemented. Global financial service provider Commerzbank said in a report late Monday that, "The debt crisis in Greece has eased somewhat for the time being, but that does not mean it is solved. The problem is still there - the EU and Greece have only gained some time." Although gold’s appeal as a safe-haven is boosted during times of economic uncertainty, the euro zone’s debt crisis has done little to bolster appetite for the precious metal. A weakening euro and stronger dollar have weighed on gold instead. Elsewhere, silver for September delivery slumped 0.74% to trade at USD33.89 a troy ounce during, while copper for September delivery fell 0.65% to trade at USD4.285 a pound.

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