Investing.com – Gold futures fluctuated between small gains and losses on Monday, after falling to a one-week low in the previous session as ongoing uncertainty over a resolution to Greece’s debt crisis supported prices.
On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at USD1,530.25 a troy ounce during late Asian trade, easing down 0.1%.
The gold contract traded between a range of USD1,528.25, the daily low and USD1,533.75, the daily high.
On Sunday, Eurogroup chairman Jean- Claude Juncker said a bailout for Greece must include “voluntary” investor participation and meet the approval of central bankers.
The comments came after Germany’s Finance Minister Wolfgang Schaeuble said on Friday that private investors should contribute to a second Greek bailout.
However, the European Central Bank remains opposed to any restructuring of Greek sovereign debt, adding to investors' nervousness over the region’s debt crisis.
Swiss banking giant UBS raised its three-month gold forecast to USD1,600 from USD1,400 an ounce, while cutting its one-month forecast to USD1,475 from USD1,500.
“Weakness in global data is fostering more optimism on gold in the second half. There’s the threat that real interest rates might remain entrenched in negative territory across many regions,” the bank said in a report on Friday.
The report added that gold prices “may see a pullback over the summer months,” though any drops “will be short-lived.”
Elsewhere, silver for July delivery dropped 1.3% to trade at USD35.70 a troy ounce during late Asian trade, while copper for July delivery slipped 0.1% to trade at USD4.035 a pound.
On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at USD1,530.25 a troy ounce during late Asian trade, easing down 0.1%.
The gold contract traded between a range of USD1,528.25, the daily low and USD1,533.75, the daily high.
On Sunday, Eurogroup chairman Jean- Claude Juncker said a bailout for Greece must include “voluntary” investor participation and meet the approval of central bankers.
The comments came after Germany’s Finance Minister Wolfgang Schaeuble said on Friday that private investors should contribute to a second Greek bailout.
However, the European Central Bank remains opposed to any restructuring of Greek sovereign debt, adding to investors' nervousness over the region’s debt crisis.
Swiss banking giant UBS raised its three-month gold forecast to USD1,600 from USD1,400 an ounce, while cutting its one-month forecast to USD1,475 from USD1,500.
“Weakness in global data is fostering more optimism on gold in the second half. There’s the threat that real interest rates might remain entrenched in negative territory across many regions,” the bank said in a report on Friday.
The report added that gold prices “may see a pullback over the summer months,” though any drops “will be short-lived.”
Elsewhere, silver for July delivery dropped 1.3% to trade at USD35.70 a troy ounce during late Asian trade, while copper for July delivery slipped 0.1% to trade at USD4.035 a pound.