Gold
held a drop after Greece reached a deal with creditors that could pave
the way to a new bailout, damping demand for the metal as a haven asset
and shifting investors’ focus to the probable timing of a U.S.
interest-rate increase.
Bullion
for immediate delivery was at $1,156.88 an ounce at 7:35 a.m. in
Singapore from $1,157.98 a day earlier, according to Bloomberg generic
pricing. The metal declined as much as 1.1 percent on Monday to
$1,151.27, the lowest price since July 8, and ended 0.5 percent lower to
snap three days of gains.
Gold
dropped 2.3 percent this year as the Federal Reserve signaled it
planned to boost rates. Fed Chair Janet Yellen maintained her call on
Friday for an increase this year, and the rate-setting Federal Open
Market Committee will gather at the end of this month to assess the
economic recovery. While equities rallied on Monday as the Greek deal
was announced, the plan may yet come unstuck as the terms require
approval from Greece’s parliament this week.
Higher
rates curb the appeal of bullion, which doesn’t pay interest or give
returns like assets such as bonds. The Bloomberg Dollar Spot Index was
little changed on Tuesday after rising 0.6 percent on Monday. An
appreciating dollar tends to restrict gold’s gains.
Futures
for delivery in August were little changed at $1,156.40 an ounce from
$1,155.50 on the Comex in New York on Monday, when prices lost 0.5
percent. Silver for immediate delivery was 0.2 percent lower at $15.4831
an ounce.
Platinum dropped 0.3 percent to $1,031.25 an ounce, while palladium lost 0.4 percent to $658 an ounce.
Source : Bloomberg
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