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1st LD Writethru: Gold up on Greece talks

Xinhua, June 27, 2015 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange edged up a little on Friday on worries of Greek debt talks this weekend as Athen is stumbling toward the June 30 payment deadline.

The most active gold contract for August delivery rose 1.4 U.S. dollars, or 0.12 percent, to settle at 1,173.20 dollars per ounce. Gold was down 2.39 percent from last Friday's settlement.

Traders watched closely the situation in Greece as negotiations continued between the leftist Syriza party and its international creditors. Most analysts believed that Greece intends to remain in the eurozone, but with the deadline for a June 30 payment to the International Monetary Fund is rapidly approaching, some traders started to resort to gold as a safe haven in case a deal falls through. This lent some support to gold.

The U.S. dollar index, a measure of the dollar against a basket of major currencies, rose by 0.33 percent to 95.52 as of 18:05 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.

Silver for July delivery fell 7.3 cents, or 0.46 percent, to close at 15.735 dollars per ounce. Platinum for July delivery dropped 3.7 dollars, or 0.34 percent, to close at 1,080.70 dollars per ounce. Endite