Gold Drops to Seven-Week Low on Greek Accord as Platinum Falls

PT. Equityworld Futures - Gold futures fell to a seven-week low after Greece reached a provisional accord on a bailout with euro-area finance ministers, reducing demand for the metal as a haven. Platinum dropped to the cheapest in five years.
Gold has dropped below $1,200 an ounce after last month topping $1,300, partly on speculation that Greece would reach a debt agreement. The metal fell as the dollar gained amid bets the Federal Reserve will raise interest rates this year. Fed Chair Janet Yellen is scheduled to speak Tuesday in the Senate and the following day in the House.
On the Comex in New York, gold futures for April delivery fell 0.3 percent to settle at $1,200.80 at 1:40 p.m. Earlier, the price touched $1,190.60, the lowest for a most-active contract since Jan. 5.
Aggregate trading was 30 percent below the average for the past 100 days for this time, according to data compiled by Bloomberg.

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European Stocks Advance as Euro-Area Ministers Discuss Greece

PT. Equityworld Futures - European stocks extended a seven-year high as Greek Finance Minister Yanis Varoufakis faced his euro-area counterparts in Brussels to seek an agreement that will let Europe™s most-indebted country avoid default.
The Stoxx Europe 600 Index rose 0.2 percent to 382.27 at the close of trading, for a 1.4 percent weekly gain. The gauge is up for a third week, its longest streak since the beginning of December. The ASE Index lost 0.3 percent, erasing an earlier rise, after Maltese Finance Minister Edward Scicluna said Germany and its allies are ready to let Greece leave the euro unless Prime Minister Alexis Tsipras accepts the conditions required to extend his country™s financial support.
The Stoxx 600 has surged 12 percent this year, even as volatility has increased after Greece elected a new government that is now renegotiating the terms of its aid package. The VStoxx Index, which tracks expectations for equity swings, has had a daily average of about 25.4 in 2015. That™s 40 percent greater than in 2014.
An agreement on extending Greece™s bailout program, which expires at the end of February, appears unlikely, leading to more talks on Sunday or Monday, a European Union official said. A preliminary round was œvery difficult, Dutch Finance Minister Jeroen Dijsselbloem, who heads the Eurogroup, told reporters
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Gold Trims Fourth Weekly Decline on Greece & U.S. Rate Outlook

PT. Equityworld Futures - Gold advanced to pare the longest run of weekly losses in 17 months as investors weighed the outlook for an agreement on Greece™s funding and the timing of a U.S. rate increase amid signs of economic growth.
Bullion for immediate delivery added as much as 0.3 percent to $1,209.84 an ounce and traded at $1,206.49 by 12:10 p.m. in Singapore, according to Bloomberg generic pricing. Prices are down 1.9 percent this week and a fourth straight decline would be the longest run since September 2013.

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Gold Drops Below $1,200 as Optimism on Greece Cuts Haven Demand

PT. Equityworld Futures - Gold futures fell below $1,200 an ounce as Greece and European finance ministers reached an accord on a bailout extension, eroding demand for the precious metal as a haven.
The metal posted the fourth straight weekly decline, the longest slump since early October. On Wednesday, the price touched 1,197.20, the lowest since Jan. 5, partly on signs of declining demand in China. Earlier Friday, gold climbed as much as 0.6 percent after Malta™s finance chief said a German-led bloc is willing to let Greece leave the euro.
Gold futures for April delivery dropped 0.2 percent to settle at $1,204.90 at 1:49 p.m. on the Comex in New York. After the close, the price touched $1,197.70.
This year, the metal has climbed 1.8 percent as Greek turmoil spurred currency volatility. Tension in the region also signaled sluggish economic growth, boosting the appeal of gold as a store of value.

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