Gold
futures fell below $1,200 an ounce as Greece and European finance
ministers reached an accord on a bailout extension, eroding demand for
the precious metal as a haven.
The
metal posted the fourth straight weekly decline, the longest slump
since early October. On Wednesday, the price touched 1,197.20, the
lowest since Jan. 5, partly on signs of declining demand in China.
Earlier Friday, gold climbed as much as 0.6 percent after Malta™s
finance chief said a German-led bloc is willing to let Greece leave the
euro.
Gold
futures for April delivery dropped 0.2 percent to settle at $1,204.90
at 1:49 p.m. on the Comex in New York. After the close, the price
touched $1,197.70.
This year, the metal has climbed 1.8 percent as Greek turmoil spurred currency volatility. Tension in the region also signaled sluggish economic growth, boosting the appeal of gold as a store of value.
Source: Bloomberg
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