Gold dips below $1,200 on relief over Greece; Fed eyed

LONDON: Gold slid below $1,200 an ounce on Tuesday as news that the Eurogroup had approved Greece’s reform plan boosted appetite for assets viewed as higher-risk, such as equities.

Dollar strength ahead of Federal Reserve Chair Janet Yellen’s Senate testimony added pressure to gold. Investors are awaiting her comments for clues on the timing of the first US

interest rate hike in nearly a decade, slated for this year.

Spot gold was down 0.4 per cent at $1,196.45 an ounce by 1449 GMT, while US gold futures for April delivery were down $4.20 an ounce at $1,196.60.