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Gold gains in Asia as Greece debt talks impasse highlights risks

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Gold prices gainedin Asia on friday as talks over Greece's debt obligations reached an impasse, highlighting the risk of political and economic uncertainty in the euro zone.

On the New York Mercantile Exchange, gold for August delivery rose 0.08% to $1,181.30 a troy ounce.

Silver for July delivery gained 0.13% to $15.980 a troy ounce. Copper for July delivery was flat at $2.672 a pound.

Overnight, gold futures ticked down on Thursday ending a four-day winning streak, as Greece and the International Monetary Fund abruptly cut off high-level talks in Brussels practically erasing any progress achieved a day earlier.

An emphatic announcement from the IMF that technical discussions with Greece on a bailout agreement had hit a snag on Thursday morning had little impact on gold prices.

While gold slightly pared some of the losses from earlier in the session, the gains were negligible. Speaking to reporters in Washington, IMF spokesman Gerry Rice said there are still key sticking points in the negotiations on pension, tax and financing considerations.


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