Azernews.Az

By Bloomberg

Gold fell a third day on speculation European officials will break a months-long impasse in Greece’s bailout talks. Silver fell.

Gold for August delivery lost 0.3 percent to $1,180.90 an ounce by 7:37 a.m. on the Comex in New York. Platinum rebounded from a six-year low and palladium ended an eight-day losing streak.

Gold is little changed this year as investors assess when the U.S. will increase rates and Greek policy makers struggle to reach a deal with the country’s creditors. Euro-area leaders gave Greece 48 hours to make the final push needed to end a five-month standoff over aid.

“Gold got no safe-haven demand from the development of the Greek crisis, but it does seem to be suffering on the hopes of a deal,” Adrian Ash, head of research at BullionVault, said by phone from London. “By and large, we’re still range-bound.”

Gold for immediate delivery fell 0.4 percent to $1,181.59, according to Bloomberg generic pricing. Holdings in exchange- traded products backed by the metal rose 3.5 metric tons, the most since April 9, according to data compiled by Bloomberg as of Monday.

Hours after an emergency summit of euro leaders to discuss the Greek proposal, Prime Minister Alexis Tsipras began the delicate task of ensuring his coalition partners will back any deal.

Silver for July slipped 1.5 percent to $15.905 an ounce in New York. Platinum for October rose 0.9 percent to $1,071.60 an ounce.

Palladium for September added 0.5 percent to $699.05 an ounce. The metal entered a bear market last week and is trading near the lowest since 2013 amid ample global supplies.