Euro zone leaders vowed not to allow Greece to slip into default as oil futures dipped, detracting from the yellowish metal's allure as a haven asset. Gold futures were hovering around $1,500 per troy ounce on Monday morning.
"In addition to the Greek rescue plan, gold is falling on the back of the strengthening dollar," Hwang Il Doo, a senior trader at Korea Exchange Bank Futures in Seoul, told the news service. "Oil tumbled, lowering inflation pressure."
At 7:58 a.m. on Monday, gold futures edged up in value 0.03 percent, a 50 cent climb to $1,501.40 per troy ounce.
Crude oil, which has fallen four straight weeks, slipped 2 percent last week.
Greece Prime Minister George Papandreou this week faces one of his toughest challenges as the leader of the Aegean nation, the Telegraph reports. The already embattled leader is charged with conjuring as much money as he can and he has brought that effort to the nation's upper class as part of an effort to get them to pay their fair share.
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