MTECHTIPS;- Gold futures struggle for direction amid Greece uncertainty
Gold prices swung between small gains and losses on Monday, as investors nervously eyed developments in Greece after the country overwhelmingly rejected conditions for a bailout package from creditors in a referendum on Sunday. The result of the referendum has added to doubts over Greece’s future in the euro zone and deepened a standoff with its lenders. European officials have indicated that they will only continue to finance Greece in return for far-reaching economic reforms. Greek Prime Minister Alexis Tsipras welcomed the outcome of the vote and said Athens was returning to negotiations with the express goal of reopening banks, which have been shut for over a week after capital controls were imposed. Without more emergency funding from the European Central Bank, Greece’s banks are facing a cash crunch within days. The ECB was to discuss whether to maintain emergency funding for Greek banks at their current restricted level later Monday. Euro zone leaders were expected to hold a conference on Tuesday night to discuss the aftermath of the Greek referendum. In a surprise move, Greek Finance Minister Yanis Varoufakis resigned on Monday, despite the referendum results.