An agreement has been signed on Monday between Greece and eurozone leaders on a third bailout package became a major factor for fall in gold price.

However most of the precious metals are unaffected by this deal but Spot gold was down at 1,154.00/1,154.80 per ounce, with a margin loss of $8.20 on the pre-weekend close.

Silver was also hit by this deal falling to $15.41/15.46 per ounce with 12 cent margin loss, while palladium was up $4 at $650/655.

Greek Prime minister Alexis Tsipras, German Chancellor Angela Merkel and French President François Hollande settled on a cash reforms deal worth up to 87 billion euros for a three year period.

The deal is largely supported by other eurozone leaders; it focuses on an overall restructuring of the pension system and country’s tax. Most of the Greece population may get furious with this deal, as they voted against the creditors’ rigorous conditions in the July 5 referendum.

There is a fall in euro value today, dropping to half a cent to 1.1110 in opposition to US dollar although European share markets remain unaffected.

The most recent CFTC data indicates that investors continue to leave the gold market, which is in addition affecting the price. A similar story is also being played out in silver, where speculators increased their net short position by 1,190 contracts to 10,329 contracts.

In statistics, in May, China’s market excess simplified to $46.5 billion dollars from $59.5 billion dollar. Exporting overseas from the world’s 2nd economy giant increased for the first time in four months, which is more than twice which is expected, the imports went down for the successive 8th month, and ended below 6.1 %.