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15.06.2015 15:25 Gold price traded higher as the weekend's debt talks between Greece and its creditors were unsuccessful

 

Gold price traded higher as the weekend's debt talks between Greece and its creditors were unsuccessful. An EU Commission official said that there are still big differences between the Greek reform plan and the demand of the creditors.

 

 

European Commission President Jean-Claude Juncker noted that a new debt deal could be reached until the end of the month.

 

 

The next round of talks is scheduled to at the finance ministers' meeting this Thursday in Luxembourg.

 

 

European Central Bank (ECB) President Mario Draghi said on Monday before the European Parliament's Economic and Monetary Affair's Committee that the ball lies in Athens' court to act. He noted that a "strong and comprehensive agreement" between Greece and its creditors was needed as soon as possible.

 

 

Speculation on that the Fed start raising its interest rate this year weighed on gold price.

 

 

Lower physical demand in Asia also weighed on gold price.

 

 

June futures for gold on the COMEX today rose to 1180.40 dollars per ounce.

 

 



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