Gold hovered around the key USD 1,200-an-ounce level today, its lowest in seven weeks, as support for the safe-haven metal eased after a deal was struck over Greece’s debt, while the absence of major consumer China also took a toll.
Spot gold was little changed at USD 1,202.10 an ounce by 0225 GMT, after dropping to USD 1,197.95 in the previous session as safe-haven bids receded. The metal recorded its fourth straight weekly decline on Friday.
Eurozone finance ministers reached an agreement to extend heavily indebted Greece’s financial rescue by four months, officials on both sides said.
The deal removes the immediate risk of Greece running out of money next month and possibly being forced out of the single currency area, reports Reuters.
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