Troubles in the Aegean nation drove down the value of the shared currency of the European Union as leaders in the debt-hobbled country are running into challenges in agreeing with austerity measures in order to acquire the bailout aid. Much of that tranche will be used to pay off obligations from the first tranche and stave off defaults that will negatively impact world markets.
"It's been a bit of a rollercoaster, the relationship between gold and the euro," analyst Nikos Kavalis with RBS told the news service. "One day it's positive, one day it's negative. But this morning, dollar strength, or euro weakness, is clearly affecting gold."
At 7:22 a.m. on Monday, gold futures slipped 0.94 percent, a $16.30 drop to $1,724 per troy ounce.
The International Business Times reports concerns are widening for Greece's ability to stay afloat and not default on its sizable sovereign debt obligations, which is projected to have a negative impact on global economic development.
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