Gold
prices fell on Tuesday as the prospect that Greece would default on a
repayment to the International Monetary Fund knocked the euro against
the dollar, and as investors remained wary over the metal's longer-term
prospects.
The
chairman of the Eurogroup said it was too late to extend Greece's
existing bailout and that the country's stance toward its creditors and
euro zone partners would have to change before a new program could be
agreed.
Spot
gold fell 1.2 percent to the lowest since June 5 at $1,166.35 an ounce,
but was down 0.7 percent at $1,171.05 at 2:58 p.m. EDT. It was on track
to close the second quarter down 1 percent, its fourth straight
quarterly fall.
U.S. gold futures for August delivery settled down $7.20 an ounce at $1,171.80.
Source : Reuters
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