BA:Gold remains steady in Asian trade after European leaders agree on a deal to offer fresh aid to Greece
Gold remained steady in Asian trade Friday after European leaders agree on a deal to offer fresh aid to Greece.
Analysts said the precious yellow metal is likely to move towards a weak finish for the week as investors keep an eye on the progress made in U.S. debt talks.
In the US, efforts to craft a $3 trillion deficit-reduction deal to face off a possible debt situation.
Spot gold was seen trading at $1588.86 an ounce at 1.00 p.m Singapore time while US gold for August delivery was at $1590.24 an ounce on the comex division of Nymex.
Gold for immediate delivery hit a record $1,610.10 on July 19 on debt concerns in Europe and the U.S is 0.2 percent lower this week. Spot Silver shed 0.3 percent to $39.30 an ounce
On Thursday, European leaders announced $229 billion in aid for Greece after eight hours of talks in Brussels.
Meanwhile, Holdings in exchange-traded products were little changed near a record at 2,121.241 metric tons on Thursday.
On Thursday, Gold futures settled lower for a third straight session as some of the metal’s safe-haven appeal diminished after European leaders agreed on a plan to try to contain the region’s sovereign-debt crisis.
Gold for August delivery declined $9.90, or 0.6%, to settle at $1,587 an ounce on the Comex division of the New York Mercantile Exchange, its lowest price in a little more than a week.
