MTECHTIPS:-Gold edges down mildly, amid positive developments in Greek negotiations
MTECHTIPS:-Gold edges down mildly, amid positive developments in Greek negotiations
Gold futures edged down on Wednesday extending losses from a massive sell-off one session earlier, amid positive developments in negotiations between Greece and its creditors, as well as the continued appreciation of the dollar. On the Comex division of the New York Mercantile Exchange, gold for August delivery fell mildly by 1.10 or 0.09% to 1,186.70. Gold traded in a narrow range of 1,184.10 and 1,191.00 on the second day of trading in the condensed week. The precious metal has now moved lower in five of the last six sessions and six of the last eight after reaching a three-month high of 1,232.80 on May 18 A day earlier, gold futures plunged nearly $20 or 1.62% as the dollar posted its largest one-day gain in nearly two years. In Brussels, Greek prime minister Alexis Tsipras said his nation is close to reaching an agreement with its troika of creditors deemed necessary to unlock critical aid that could allow it to stave off bankruptcy. The two sides have begun the process of drafting a technical level agreement on a comprehensive bailout package, according to Athens officials. ”We have made many steps, we are on the final stretch towards a positive deal,” Tsipras told reporters.
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