Gold dented by firm dollar ahead of Fed meeting, Greece in focus

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Gold dented by firm dollar ahead of Fed meeting, Greece in focus

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PT. Equityworld Futures – Gold slipped on Tuesday as the dollar firmed ahead of the U.S. Federal Reserve policy meeting, while a looming Greek crisis failed to trigger sustained demand for safe-haven assets.

Spot gold fell 0.7 percent to $1,178.06 an ounce by 1419 GMT, while U.S. gold futures for August delivery were down $8.20 an ounce at $1,177.60.

Bullion has not made much headway in recent months because of uncertainty over the timing of a rate rise, which would reduce demand for the non-interest-paying asset.

U.S. data on Tuesday showed a fall in housing starts in May, but a surge in permits for future construction to the highest level in nearly eight years suggests the pullback will be temporary.

European equities fell on the concerns about Greece, with Athens and its creditors hardening their stances after the latest breakdown in talks.

There were continued outflows for exchange-traded bullion funds, with assets at top fund SPDR Gold Trust falling 0.3 percent to 701.9 tonnes on Monday, the lowest since 2008.

In other metals, silver was down 1.1 percent at $15.90 an ounce, while palladium lost 0.1 percent to $734.25.

Platinum fell 0.9 percent to $1,076.75, within sight of a six-year low of $1,072.50 hit on Monday on a combination of weaker equities and lower gold prices, analysts said. ($1 = 0.8891 euros)

Sumber : ewfpro.com

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