Gold extended losses as trading near three-week low after reports that efforts to resume negotiations between Greece and its creditors are underway, raising hopes for a deal at the last moment.
Greek media reported that the meetings are underway to try to find a solution to midnight, when the Greek rescue program officially expires.
The loan, to be repaid is € 1,6 billion by the International Monetary Fund ..
Gold futures for August delivery traded at $ 1,169.10 an ounce, which is down $ 6.70, or 0.57 percent during the early hours of the US session.
Gold prices fell nearly 2 percent in June amid signs that the US economy recover forces after recently showed weakness supporting case speculation for higher interest rates later this year.
Data released on Monday showed that pending sales of US homes rose to the highest level since 2006 in May.
Expectations for higher interest rates put pressure on gold. Also, silver futures for September delivery fell 4.2 cents, or 0.27% and traded at $ 15.65 a troy ounce, while copper for September delivery slipped 2.2 cents, or 0.84 percent, and traded at $ 2.611 a pound.
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