Gold Prices drift lower with Greece Eyed

Gold prices on Monday showed no signs of bouncing back after last week’s near-2% decline as a flood of economic data and the winding down of earnings season could inject some volatility in metals trading in the coming days.

The euro zone on Friday OK’d Greece’s bailout extension, soothing jitters and weighing on prices of the perceived safe haven. Next up, Athens must present a list of reforms to be approved by creditors. Read: Greece’s debt deal isn’t the end of euro zone drama.

At last check, gold for April delivery GCJ5, -1.02% gave up $1.90 to drift down to $1,203.90 an ounce. March silver SIH5, -1.12% eased 1 cent to $16.31 an ounce.

A day earlier, gold lost its footing to finish lower on word that euro-zone financial ministers made progress toward a bailout extension for Greece.

Existing home sales numbers will be closely eyed on Monday, while traders have Janet Yellen to look forward to midweek. New home sales numbers hit Wednesday. Read: U.S. economy’s growth not touching all the bases.

In other metals trading, March copper HGH5, -0.19% jumped 2 cents to $2.61 a pound. April platinum PLJ5, -0.97% lost $2 to $1,168.10 an ounce, and March palladium PAH5, -0.21% added $5.35, or 0.7%, to $784.55 an ounce.

Source: MarketWatch