Gold flat to weaker in Asia as Greece debt payment deadline nears

Gold flat to weaker in Asia as Greece debt payment deadline nears

Gold held flat to weaker early Tuesday in Asia with the stage set in Europe for last-minute talks on Greece's ability to make a major debt payment.

On the Comex division of the New York Mercantile Exchange, gold for June delivery were down 0.02% to $1,182.80 a troy ounce.

Elsewhere, silver for July delivery fell 0.25% to $16.273 a troy ounce.

Copper for July delivery rose 0.07% to $2.911 a pound.

Overnight, gold futures fell slightly on Monday reversing the modest gains from last week, as continuing negotiations regarding the Greece debt crisis remained in focus.

In Europe, Greece government officials confirmed on Monday afternoon that it has executed an order for a €750 payment to the International Monetary Fund due on Tuesday.

Euro group officials in Brussels issued a brief statement on Monday on the latest developments in negotiations with Greece. While officials appeared pleased with the acceleration in the talks, they emphasized that "more time and effort is needed to bridge the gaps," in order to avoid a Greek default, Reuters reported.

The sides reportedly remain at odds on critical measures deemed necessary to unlock critical aid to Greece such as pension and labor market reforms.