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1st LD Writethru: Gold falls sharply on hopes of Greek deal

Xinhua, February 18, 2015 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange fell sharply on Tuesday as reports emerged that the emergency fund to Greek banks would continue despite a breakdown in debt negotiation.

The most active gold contract for April delivery fell sharply 18.5 U.S. dollars, or 1.51 percent, to settle at 1,208.60 dollars per ounce.

The precious metal fell sharply as reports from different media said Tuesday that the European Central Bank might continue to fund Greek banks despite the fact that Greece put an end to debt talks. This triggered a move from investors who had previously moved into gold as a safe haven.

The COMEX division of the New York Mercantile Exchange were closed for the Presidents' Day on Monday.

Analysts said the market is focused on the potential for the U. S. Federal Reserve to raise interest rates during the summer, as the minutes from the latest meeting of the central bank committee are due to be released on Wednesday.

Silver for March delivery fell 91.6 cents, or 5.30 percent, to close at 16.378 dollars per ounce. Platinum for April delivery dropped 30.5 dollars, or 2.53 percent, to close at 1,177.00 dollars per ounce. Endite