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    14.07.2015 06:59 Gold extended declines

    Gold is currently at $1,154.40 (-0.09%) an ounce. The metal is weighed by expectations of an imminent rate hike in the U.S. Higher rates would harm demand for non-interest-paying bullion. Traders are waiting for Fed Chair Janet Yellen testimony to Congress on Wednesday and Thursday to see clues on the timing of changes in rates.

    At the same time investors gave up safe-haven assets after sources announced that Greece and its lenders reached a conditional deal worth up to €86 billion over the next three years.

    Physical demand remained weak. Q2 economic growth in major gold consumer China is forecast to be the weakest since the global financial crisis. A Reuters poll of 52 economists suggests annual GDP expansion of 6.9%. The data will be released on Wednesday at 02:00 GMT.

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