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1st LD Writethru: Gold down on hopes of Greek debt deal

Xinhua, June 24, 2015 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange fell Tuesday as signs of an end to the Greek debt crisis drove investors away from the precious metal.

The most active gold contract for August delivery fell 7.5 U.S. dollars, or 0.63 percent, to settle at 1,176.60 dollars per ounce.

Investors moved their money away from the safe haven properties and into more risky equities on Tuesday as hopes for a deal between Greece and international creditors strongly boosted European equities. With a growing likelihood of Greece staying in the eurozone, investors are more confident to move away from gold, the precious metal seen as a hedge.

Gold prices are also feeling the brunt of a stronger U.S. dollar, which rose by 1.11 percent to 95.37 as of 16:41 GMT. Priced in the greenback, gold becomes more expensive to buyers when the dollar rises.

Meanwhile, bullish housing data also put gold under some pressure. The U.S. Department of Commerce said on Tuesday that new home sales rising by 2.2 percent in May to an annual rate of 546, 000. There was also a revision of the April number to 534,000, amounting to a 8.1-percent monthly gain.

Silver for July delivery fell 40.5 cents, or 2.51 percent, to close at 15.737 dollars per ounce. Platinum for July delivery rose 6.9 dollars, or 0.65 percent, to close at 1,067.50 dollars per ounce. Endite