Daily Gold Update

Source: Bill Musgrave, American Gold Exchange

Austin— Gold dipped slightly to close just under $1,157 as rising optimism about a Greek debt deal fueled a rally in global equities, reducing demand for alternative assets. The metal slid 0.5% on the week.

In a major about-face, Greece has agreed to meet most of the terms demanded by its creditors in exchange for a three-year bailout of around $60 billion. While the specifics still need to be ratified, the new proposal from the Tsipras government�drafted in part by France�appears to offer enough to prevent the nearly bankrupt nation from being forced from the Eurozone, at least for now.

Global equities spiked higher on the prospective deal, with the Dow and S&P 500 gaining 1.2% each and the Global Dow $1.6%. China's stock markets also rallied for a second day, while the dollar and U.S. Treasury bonds fell on softer demand for safe havens.

Comments on interest rates by Janet Yellen also pressured gold. Speaking in Cleveland, the Fed Chair said the economy is on pace to warrant a rate hike later this year. Higher interest rates tend to boost the dollar and weigh on commodities denominated in the currency by making them more expensive to foreign buyers.

The other precious metals were higher for the day but lower for the week. Silver picked up 0.8% today but fell 0.5% this week. Platinum gained 1% for a weekly loss of 4.8%. Palladium finished the session 1.9% higher and the week 6.4% lower.

At the Comex close: August gold dipped $1.30 to $1,157.90; September silver gained 12 cents to $15.48; October platinum jumped $9.90 to $1,032.30; and September palladium surged $12.35, to $650.35 an ounce.