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1st LD Writethru: Gold down on Greek talks

Xinhua, February 21, 2015 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange fell on Friday as Greek debt talks provided positive news for the eurozone, moving investors away from gold's safe haven properties.

The most active gold contract for April delivery fell 2.7 U.S. dollars, or 0.22 percent, to settle at 1,204.90 dollars per ounce.

Gold fell as the European Central Bank met on Friday to address Greek concerns. According to reports, Greece and euro zone finance chiefs have agreed to extend Greek bailout. Analysts said this put pressure on gold as this is seen as a strengthening move by the eurozone, dampening demand for safe haven assets.

Analysts say liquidity was low as China and other Asian countries are on break for the Lunar New Year festivities, however analysts noted that gold prices had received some support from Chinese buying ahead of the holiday, when gold is bought for gift- giving.

Silver for March delivery fell 10.8 cents, or 0.66 percent, to close at 16.273 dollars per ounce. Platinum for April delivery dropped 2.8 dollars, or 0.24 percent, to close at 1,169.50 dollars per ounce. Endite