The second bailout for Greece to execute repayments of the June 2010 bailout is likely to be approved by finance ministers in the euro zone, who also are expected to draft terms and conditions of the second bailout.
"There could be scope for further pressure in the short term" for the precious metal, states a Friday report by analyst James Moore of TheBullionDesk.com in London. Aegean lawmakers agreeing to cost-cutting measures is "likely to trigger an increase in risk appetite. In addition, gold is entering what is traditionally a slow period for physical demand."
At 5:48 a.m. on Friday, gold futures dropped 0.93 percent, a $14 slip to $1,488.80 per troy ounce.
Since notching a record price of $1,577.40 per troy ounce in early May, the precious metal has lost 5.4 percent of its value. It also has dropped below the benchmark price of $1,500 per troy ounce.
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