Gold Falls as Equities Advance After Greece Gives New Proposals

Gold Back Out of Favor With Fed in Focus as Greek Deal Nears
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Gold Falls as Equities Advance After Greece Gives New Proposals


PT. Equityworld Futures – Gold dropped below $1,200 an ounce as equities climbed after Greece presented a new plan to stave off default before an emergency summit on the country’s debt crisis. Palladium slipped to a 16-month low.

European and Asian stocks advanced as Greek Prime Minister Alexis Tsipras’s proposals were welcomed by European officials, who indicated it could help break a months-long impasse during talks in Brussels on Monday.

Gold for August delivery fell 0.7 percent to $1,193.30 an ounce by 7:54 a.m. on the Comex in New York, after rising the previous two weeks. Prices reached $1,205.70 on Thursday, the highest since May 26, after the Federal Reserve said it will take a gradual approach to raising interest rates. Bullion for immediate delivery slid 0.5 percent to $1,193.86, according to Bloomberg generic pricing.

Futures are little changed this year after swinging between year-to-date gains and losses more than 10 times as investors assessed when the U.S. would increase rates and amid prolonged talks on a Greek bailout.

The MSCI Asia Pacific Index of equities advanced to the highest level in two weeks, and the Stoxx Europe 600 Index rallied 1.7 percent. Strengthening equities can reduce gold’s safe-haven appeal.

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