Gold drops after four sessions of rise as Greek officials struggle to struck a deal with creditors, after three consecutive days of negotiations, over the size of losses to be bared by creditors. Now, there are fears that another break in talks may make Greece prone to an orderly default as in early as in March since the government has to repay 14.5 billion euro of debt in March to avert bankruptcy. Attention is once again to Greece before EU finance ministers meet in Brussels and policy makers and business leaders meet at the annual meeting for the World Economic Forum next week. The shiny metal will, however, record a third straight weekly gain, after seeing successful auctions by many euro area nations this week which along with upbeat U.S. data caused an improvement in the sentiment, thereby boosting demand on shares and commodities. Also, the metal benefited from the drop in the dollar as the improvement in the sentiment damped demand on refuges. The dollar and gold inverse relationship is becoming stronger as the dollar is not seen as the most favorable safe haven along with the yen. Spot gold is currently around $1652.30 an ounce, after touching a high $1658.57 while the day's low was recorded at $1644.97. Crude oil is also traded lower near $100.30 a barrel, compared with the day's opening of $101.09. On the otter hand, the dollar index, which tracks the dollar movements versus a basket of major currencies, rebounded to hover around 80.20 after opening the day's trading at 80.05.
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