On Friday gold held steady after logging solid gains on Thursday, when the metal hit a one-month high of $1,205.70.
August Comex
gold was last up $0.80 at $1,202.80 an ounce. July Comex silver was
last down $0.013 at $16.14 an ounce.
Investors keep looking for a shelter amid Greek uncertainties, as no progress was made at a meeting in Luxembourg on Thursday.
Eurozone leaders agreed to hold an emergency meeting on Monday to discuss the last possible options to prevent the country defaulting on its obligations. Earlier, Germany warned that Greece had better propose a basic plan that has been pre-approved by its
international creditors.
Meanwhile, Christine Lagarde, the chief of the International Monetary Fund, said that in case the payment is not made on time, Greece will be declared to be in default and would disqualify itself from receiving any further IMF funds.
Athens is to repay the IMF around €1.6 billion before June 30.
In the recent times, there has been investor outflows from Greek banks, which signals of public nervousness about the situation. If the situation does not improved, a "run" on the local banks could occur next week. Most market participants consider that at this
late stage of the game Greece will default on its loan obligations.
This crisis is spurring increased demand for safe-haven gold.
