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1st LD Writethru: Gold edges down amid dollar strength, Greece uncertainty

Xinhua, June 20, 2015 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange fell on Friday as the U.S. dollar showed strength, and uncertainty continued over the fate of the Greek debt crisis.

The most active gold contract for August delivery fell 0.1 U.S. dollars, or 0.01 percent, to settle at 1,201.90 dollars per ounce.

The U.S. dollar kept a cap on the price of gold as the dollar index, a measure of the greenback against a basket of major currencies, rose by 0.08 percent to 9409 as of 1802 GMT. Gold and the dollar typically move in opposite directions, which means if the dollar goes up, gold futures will fall as gold, measured by the dollar, becomes more expensive for investors.

However, gold was given some support as the European Central Bank (ECB) on Friday reportedly raised the emergency liquidity ceiling Greek banks can draw from the country's central bank for the second time this week.

A meeting has been called of several European heads of government for Monday, and European Council President Donald Tusk said on Friday that he did not expect a solution for Greece on Monday. Greece must now choose whether to remain in the Eurozone or depart, analysts say.

Silver for July delivery fell 4.4 cents, or 0.27 percent, to close at 16.109 dollars per ounce. Platinum for July delivery added 4 dollars, or 0.37 percent, to close at 1,086.80 dollars per ounce. Endite