MW:Gold struggles for direction as Greece talks stumble
Gold futures flipped between small gains and losses as talks to resolve Greece’s debt standoff hit a snag.
Gold for August delivery on Comex GCQ5, -0.38% fell $1.60, or 0.1%, to $1,175 an ounce, while July silver SIN5, +0.46% rose 7.3 cents, or 0.5 %, to $15.81 an ounce. Gold settled Tuesday at its lowest level in nearly two weeks as negotiators appeared to make progress toward resolving Greece’s debt standoff.
Eurozone finance ministers will meet again Wednesday in a gathering “aimed at finally reaching an agreement in the debt dispute with Greece. Although this appears possible in light of the latest proposals made by the Greek government, it is questionable whether a long-term solution can be found,” wrote strategists at Commerzbank. “The uncertainty is likely to continue for the time being.”
Gold found little safe-haven support even as European stocks and U.S. stock-index futures lost ground on signs talks were running into trouble, but were set to continue. Significant divisions remain between Greece and its creditors over steps Athens must take before receiving bailout aid, The Wall Street Journal reported, citing a document.
Greek Prime Minister Alexis Tsipras is scheduled to meet European Central Bank President Mario Draghi, International Monetary Fund chief Christine Lagarde, and European Commission President Jean-Claude Juncker ahead of the gathering of eurozone officials.
In other metals trade, July platinum PLN5, +0.19% fell 80 cents, or 0.1%, to $1,066.70 an ounce, while September palladium PAU5, +0.21% rose 80 cents, or 0.1%, to $696.55 an ounce.
