MTECHTIPS:-Gold wavers in choppy trade amid growing concern of Grexit

MTECHTIPS:-Gold wavers in choppy trade amid growing concern of Grexit

Gold futures inched up on Monday, amid growing possibility of a Greek default and subsequent departure from the euro following a tumultuous weekend of negotiations with its international creditors. On the Comex division of the New York Mercantile Exchange, gold for August delivery rose 5.30 or 0.45% to 1,178.50, paring earlier gains from overnight trading when it moved above $1,185 an ounce. Gold wavered between 1,173.30 and 1,187.30 on Monday during a choppy day of trading. Gold likely gained support at 1,162.10, the low from June 5 and was met with support at 1,205.70, the high from June 18. In Athens, officials announced that banks will remain closed until Thursday after the Greece government imposed a set of capital controls on Sunday aimed at preventing a bank run. On Sunday night queues multiplied outside a host of Greek banks in Athens, hours before the government imposed a law limiting citizens to ATM deposits of €60 a day. Earlier in the day, the European Central Bank capped funding from its Emergency Liquidity Assistance fund to Greek banks at EUR 89 billion in a move that forced the Greek government to close the banks. The banks had been borrowing money from the emergency fund to cover a high volume of deposit withdrawals in recent weeks. Greece prime minister Alexis Tsipras surprisingly scheduled a referendum for July 5 on early Sunday morning after high-level talks with its international creditors fell apart on Friday. Before talks collapsed, the creditors reportedly offered Greece a €15.5 billion cash-for-reforms package, which included significant pension reforms and hikes on Value Added Taxes. The package reportedly would have allowed Greece to cover its debts through November. A no vote for the referendum could provide Tsipras with the public support needed to leave the European Union, while a

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