Gold
futures fell to a seven-week low after Greece reached a provisional
accord on a bailout with euro-area finance ministers, reducing demand
for the metal as a haven. Platinum dropped to the cheapest in five
years.
Gold
has dropped below $1,200 an ounce after last month topping $1,300,
partly on speculation that Greece would reach a debt agreement. The
metal fell as the dollar gained amid bets the Federal Reserve will raise
interest rates this year. Fed Chair Janet Yellen is scheduled to speak
Tuesday in the Senate and the following day in the House.
On
the Comex in New York, gold futures for April delivery fell 0.3 percent
to settle at $1,200.80 at 1:40 p.m. Earlier, the price touched
$1,190.60, the lowest for a most-active contract since Jan. 5.
Aggregate trading was 30 percent below the average for the past 100 days for this time, according to data compiled by Bloomberg.
Source: Bloomberg
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