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1st LD Writethru: Gold down on positive U.S. data, Greek deal hopes

Xinhua, June 23, 2015 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange fell on Monday, pressurized by positive U.S. economic data and hopes for Greece to strike a deal with international creditors.

The most active gold contract for August delivery fell 17.8 U.S. dollars, or 1.48 percent, to settle at 1,184.10 dollars per ounce.

The retreat of the precious metal came after the U.S.-based National Association of Realtors said on Monday that the U.S. housing market rebounded in May after a weaker-than-expected Aprils. Existing Home sales jumped 5.1 percent in May to a 5.35 million annual rate, hitting the top end of the market consensus.

Gold came under additional pressure as the U.S. dollar index, a measure of the dollar against a basket of major currencies, rose by 0.14 percent to 94.21 as of 17:23 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.

Signals from the crisis in Greece also dented gold as a new proposal by Greece on reform package renewed hopes of a tangible deal reached between Athen and international creditors.

Silver for July delivery added 3.3 cents, or 0.20 percent, to close at 16.142 dollars per ounce. Platinum for July delivery fell 26.2 dollars, or 2.41 percent, to close at 1,060.60 dollars per ounce. Endite