Gold falls on stronger dollar as platinum dinks to 2-month low
By Bloomberg
Gold fell for the first time in four days as the dollar strengthened against the euro after Greece struggled to reach a deal with creditors. Platinum slipped to a two-month low.
The Bloomberg Dollar Spot Index advanced 0.3 percent, approaching a six-week high, before data on Monday that economists said will show a rebound in personal income and faster manufacturing. Greece’s 300 million-euro ($327 million) payment to the International Monetary Fund is due on Friday, the same day that U.S. data may show payrolls increased by 225,000 last month.
“The combination of Greek-related news and the prospects for a strong U.S. employment report at the end of the week were the main drivers pulling gold lower,” Georgette Boele, a strategist at ABN Amro Bank NV, said in an e-mail from Amsterdam.
Bullion for immediate delivery dropped 0.3 percent to $1,186.87 an ounce as of 10:49 a.m. in London, according to Bloomberg generic pricing. Futures for August delivery slipped 0.2 percent to $1,187.40 on the Comex in New York.
The net-long position in gold declined 16 percent to 73,025 futures and options contracts in the week ended May 26, U.S. Commodity Futures Trading Commission data show.
Platinum for immediate delivery lost 0.5 percent to $1,106.96 an ounce, the lowest since March 18. The metal has fallen for the past five days.
Silver retreated 0.5 percent to $16.6695 an ounce. Palladium advanced 0.1 percent to $778.09 an ounce.
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