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MTECHTIPS:-Gold ticks up for second straight day as Greece, U.S. rate hike weigh

Wednesday, June 10, 2015 5:48
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(Before It's News)

 Gold futures ticked upward for the second consecutive session, as an impasse in Greek debt negotiations and the timing of a much-anticipated interest rate hike by the Federal Reserve remained in focus. On the Comex division of the New York Mercantile Exchange, gold for August delivery gained 2.90 or 0.24% to 1,176.40 a troy ounce.

Gold traded in a tight range of $1,171.90 and $1,182.30 on Tuesday, amid a relatively stable dollar.

The precious metal is up modestly by less than 1% over the last several sessions, after reaching a session-high of $1,204.70 on June 1. ]

Gold likely gained support at 1,162.10, the low from June 5 when it touched down to an 11-week low.

It was met with resistance at 1,192.80, the high from May 28In Athens, Greece prime minister Alexis Tsipras was scheduled to brief leaders of the leftist Syriza government on Tuesday evening ahead of a meeting on Wednesday with Germany chancellor Angela Merkel and France president Francois Hollande in Brussels.

Tsipras is reportedly approaching the meeting with a more conciliatory position than latest attempts over the last few weeks in an effort to reach a breakthrough in the slow-moving talks.

Following the latest stalemate in tense negotiations, Tsipras has offered to make a series of concessions through raising Value-Added Tax rates and accepting higher budget surplus targets.

Earlier, euro zone officials promptly dismissed Greece’s latest proposal on tax, debt and budget reforms.

Despite initial reports claiming that the two sides were hours from striking a deal late last week, Greece and its international creditors still remain “far apart” on reaching an accord after submitting divergent proposals on a cash-for-reforms plan.

Greek officials reportedly scrambled on Tuesday to revise their latest proposal that was rejected by leaders of the European Central Bank and European Commission.

 
 

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