Gold posts lowest close in over two weeks

Gold futures finished lower Tuesday, as expectations Greece could strike a deal with its creditors and avoid default helped dull the metal’s safe-haven appeal and sent prices to their lowest settlement in more than two weeks.

August gold GCQ5, +0.06%  fell $7.50, or 0.6%, to settle at $1,176.60 an ounce on Comex GCQ5, +0.06% that was the lowest finish since June 8. July silver SIN5, +0.37% lost 40.5 cents, or 2.5%, to $15.737 an ounce, with prices settling at their lowest since late April.

Eurozone officials were optimistic over prospects for a deal to end the Greek debt standoff after Athens presented fresh proposals ahead of meetings of eurozone leaders Monday. Prospects for a Greek deal are seen robbing gold of haven-inspired buying interest.

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