1st LD Writethru: Gold lower on Greece debt talks
Xinhua, June 25, 2015 Adjust font size:
Gold futures on the COMEX division of the New York Mercantile Exchange fell on Wednesday as s hope for an end to the Greek debt crisis drove investors away from the precious metal.
The most active gold contract for August delivery fell 3.7 U.S. dollars, or 0.31 percent, to settle at 1,172.90 dollars per ounce.
Analysts believed that progress was made in a meeting between the European Central Bank and the Greek government on Wednesday, buoying investors' confidence in a resolution to the Greek debt crisis.
On the economic front, the U.S. Commerce Department said Wednesday that the final reading of first-quarter U.S. gross domestic product (GDP) decreased at an annual rate of 0.2 percent, above a previous estimate of a 0.7 percent contraction and in line with expectations. However analysts noted an upward revision for restaurants. This put pressure on gold, as good news for the U.S. economy drives investors away from gold's safe haven properties.
Silver for July delivery added 11.6 cents, or 0.74 percent, to close at 15.853 dollars per ounce. Platinum for July delivery rose 6.6 dollars, or 0.62 percent, to close at 1,074.10 dollars per ounce. Endite