Gold
declined for the third time in four sessions as signs of easing
tensions between Greece and its creditors reduced demand for the metal
as a haven.
Euro-area
finance ministers welcomed progress Greece has made on meeting terms of
its bailout while demanding more work before funds can be released,
according to two officials. Finance chiefs gathering in Brussels will
issue a statement to endorse Greece’s work on a plan to mend its
economy, the officials said. Speculation that an aid deal would remain
elusive boosted bullion earlier Monday.
Last
week, gold rallied on mounting concern that Greece will stumble in its
bid to avoid default. Prices also rose last week after a report showing
limited wage gains amid increased U.S. hiring indicated the Federal
Reserve can take its time in raising interest rates. Higher rates curb
gold’s appeal because the metal generally offers returns only through
price gains.
Gold
futures for June delivery slid 0.5 percent to settle at $1,183 an ounce
at 1:48 p.m. on the Comex in New York. The metal climbed 1.2 percent
last week.
Source: Bloomberg
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