Gold dips as market digests Greece vote

Forexpros - Gold prices were lower Monday after Greece's parliament voted to accept tough austerity measures in exchange for assistance funding, which sent the euro rising as well as European and U.S. stock futures.

On the Comex division of the New York Mercantile Exchange, gold futures for April delivery traded at USD1,724.45 a troy ounce in choppy trade, down 0.06%.     

Gold futures were likely to test support at USD1,706.85 a troy ounce, Friday's low, and resistance at USD1,754.95, Thursday's high.

Greece's parliament earlier voted to accept tough austerity measures in order to gain access to EUR130 billion in bailout money, as required by the European Union, the European Central Bank and the International Monetary Fund.

The news set the euro gaining as well as stock futures across Europe and the U.S., and gold prices dipping in early Asian trading on Monday, although they did briefly inch up into positive territory before retreating.

Elsewhere on the Comex, silver for March delivery was up 0.24% and trading at USD33.683 a troy ounce, while copper for March delivery was up 0.41% and trading at USD3.878 a pound.