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1st LD Writethru: Gold down ahead of euro summit

Xinhua, July 8, 2015 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange fell Tuesday as investors waited to see if a eurozone summit could produce results in alleviating the debt crisis in Greece.

The most active gold contract for August delivery fell 20.6 U. S. dollars, or 1.76 percent, to settle at 1,152.60 dollars per ounce. Analysts said that gold was pressed down by sharp gains in the U. S. dollar Tuesday, while the sharp losses of silver and platinum also gave pressure on gold.

Gold was put under additional pressure as a summit of the Eurozone leaders convened Tuesday to attempt to solve the Greek debt crisis. Analysts believe that Greece will likely ask for a short-term deal for funding that will cover the rest of July, while working on a long-term solution.

Gold was under further pressure as a White House spokesman also announced Tuesday that President Obama had called German Chancellor Merkel Tuesday, urging her to keep Greece in the Eurozone.

Reports indicate that a full summit of all 28 Eurozone heads of state is likely to happen Sunday, but there was no confirmation Greece is the subject of discussion. Silver for September delivery fell 78.4 cents, or 4.98 percent, to close at 14.969 dollars per ounce. Platinum for October delivery lost 24.8 dollars, or 2.33 percent, to close at 1,041.50 dollars per ounce. Endite