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  1. Gold price holds near $1,170; Greece, dollar eyed for cues

Gold price holds near $1,170; Greece, dollar eyed for cues

Gold was hovering near $1,170 an ounce on Tuesday, clinging to small overnight safe-haven gains from the Greek debt crisis, though a strong dollar kept gains in check.

By: | Published: July 7, 2015 8:53 AM

Gold was hovering near $1,170 an ounce on Tuesday, clinging to small overnight safe-haven gains from the Greek debt crisis, though a strong dollar kept gains in check.

FUNDAMENTALS

* Spot gold was little changed at $1,168.91 an ounce by 0053 GMT. The metal had risen as much as 0.6 percent on Monday in an initial rally following the results of a Greek referendum but gave up some gains to close up 0.2 percent.

* France and Germany told Greece on Monday to come up with serious proposals in order to restart financial aid talks, a day after Greeks voted overwhelmingly to reject more austerity.

* Raising the pressure on Greek Prime Minister Alexis Tsipras before a euro zone summit on Tuesday, the European Central Bank decided to keep a tight grip on funding to Greek banks.

* Tsipras is expected to bring a proposal for a deal to Tuesday’s summit. It was unclear how much it would differ from other proposals rejected in the past.

* Gold has failed to get much of a safe-haven boost from the Greek crisis as it has been weighed by a stronger dollar and outlook for U.S. interest rates.

* The dollar index was trading near a one-month high hit on Monday, boosted by weakness in the euro.

* Hedge funds and money managers cut their bullish position in COMEX gold futures and options by more than half in the week ended June 30, U.S. Commodity Futures Trading Commission data showed on Monday.

* In other industry news, South Africa’s National Union of Mineworkers has rejected a wage offer from gold producers and is still pressing for pay hikes of up to around 80 percent, a union source said on Monday.

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