A hitch in the planned deal between Greece and its private creditors pulled down the value of the shared currency of the European Union on Friday, also dragging down the price of gold futures, according to Reuters.
A party leader in the Aegean nation spoke of his inability to support the deal that helps ensure the nation pays its financial obligations. Finance ministers from the euro-zone nations are in pursuit of additional measures from the debt-hobbled nation prior to granting approval for its second bailout since June 2010.
At noon ET on Friday, gold futures for April delivery dropped 1.1%, a $19.20 slide to $1,721.80 U.S. per troy ounce.
Bloomberg reports Jean-Claude Juncker, prime minister of Luxembourg and head of the Euro group, said the finance ministers requested Greece enact the most recent austerity cuts into law. Parliamentary votes are slated to commence this weekend in Greece regarding its austerity measures.
