MW: Gold edges lower as hopes rise for last-minute Greek deal
Gold futures edged lower Tuesday, losing some haven-related gains, on talk that Greece and its creditors could strike a last-minute d
Gold for August delivery on Comex GCQ5, -0.75% fell $7.30, or 0.6%, to $1,171.70 an ounce, while September silver SIU5, -1.12% lost 3 cents, or 0.2%, to $15.66 an ounce.
“The Greek drama will likely play out into the weekend, but there are possible new signs of hope that the [European Union] may moderate its position enough so that the Greek prime minister will encourage a yes vote,” wrote Peter Hug, global trading director at Kitco Metals.
See: Athens considers last-minute bid to secure a deal.
Greek officials said the country’s government is considering a last-minute overture to creditors ahead of the expiration of its bailout program on Tuesday night and a default on repayments to the International Monetary Fund.
See: Greek debt crisis: Latest news
Gold rose 0.5% on Monday as a breakdown in the Greek talks sent global markets in turmoil. Hug, said it was “unsettling” to bulls that gold hasn’t rallied more aggressively as the Greek crisis deepened.
In other metals trade, October platinum PLV5, -0.24% fell $1.50, or 0.1%, to $1,080.80 an ounce, while September palladium PAU5, +0.77% rose $5.80, or 0.9%, to $672.25 an ounce.
September copper HGU5, -1.42% fell 2.4 cents, or 0.9%, to $2.6095 a pound.
