MTECHTIPS:-Gold continues slide amid positive Greek developments, mixed U.S. data
Gold futures continued their steady decline on Thursday one day after touching down to 2015 yearly lows, amid positive developments in the Greek Debt crisis and mixed U.S. economic data
On the Comex division of the New York Mercantile Exchange, gold for August delivery fell 3.50 or 0.41% to 1,143.80 to extend a recent losing streak to its fourth straight session. Gold futures traded in a tight range on Thursday’s session, wavering between a low of 1,141.30 and 1,147.70. The precious metal is down roughly 5% since peaking above 1,200 an ounce in mid-June.Gold has now closed lower in six of the last seven sessions in spite of instability in the Chinese economy and slow moving talks in the Greek Debt and Iranian Nuclear negotiations. On Wednesday, gold plummeted to 1,132.80 its lowest level in more than seven months, before rallying slightly back above 1,140. Gold is typically viewed as a safe-haven for investors in period of severe economic uncertainty. After temporary resolutions in both longstanding disputes earlier this week, investors could be wary of even further declines in gold Hours after the Greek parliament approved four measures required to complete a comprehensive third bailout from euro zone creditors, the European Central Bank (ECB) granted the cash-strapped nation EUR 900 million in a move that could help banks throughout the nation reopen. In addition, euro zone officials finalized an agreement to provide Greece with EUR 7 billion in short-term bridge financing that will allow it to meet a EUR 3.5 billion obligation to the ECB next week.