Gold
turned higher on Monday as France and Germany told Greece the door was
open to negotiations after Greek voters had rejected the terms of a
bailout package.
Spot
goldwas up 0.2 percent at $1,169.25 an ounce by 3:08 p.m. EDT (1908
GMT), while U.S. gold futures settled up $9.70, or 0.8 percent, at
$1,173.20 an ounce.
Leaders
of France and Germany told Greece's government the door for
negotiations with creditors remained open but urged it to make credible
proposals at a euro zone summit to reach a cash-for-reform deal and so
avoid a euro zone exit.
Gold
prices turned higher on expectations of a statement after French
President Francois Hollande and German Chancellor Angel Merkel met to
discuss Greece, said Tai Wong, director of base and precious metals
trading for BMO Capital Markets in New York.
The
Greek vote leaves the country in uncharted waters, risking a banking
collapse. Without more emergency funding from the European Central Bank,
Greece's banks could run out of cash within days. European leaders
called a summit for Tuesday to discuss their next move.
Source : Reuters
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