Gold prices dip in early Asia as market weighs prospects for Greece deal

Gold prices dipped in early Asia on Friday as investors looked ahead to Europe where a week of furious dealmaking over terms for Greece's bailout comes to a head this weekend.
On the Comex division of the New York Mercantile Exchange, gold for August delivery fell 0.15% to $1,157.50 a troy ounce.
Silver for September delivery rose 0.205 or 1.35% to 15.365 an ounce. Copper for September delivery eased 0.02% to $2.545 a pound.
Overnight, gold futures fell mildly on Thursday amid a stronger dollar, as equities markets in China rallied sharply and top officials in the euro zone continued to prepare for Sunday's critical summit with Greece in Brussels.
In China, the Shanghai Composite Index rebounded from Wednesday's collapse gaining more than 5.75% in its strongest one-day move since March, 2009.
A wide range of regulations from the People's Bank of China aimed at curtailing selling spurred a rally in large-cap stocks, as the Shanghai stock exchange 50 gained more than 6% on the session. Previously, Chinese equities had crashed more than 25% over the last month erasing approximately $3.5 trillion from stocks in its benchmark index.
China is the world's largest producer of gold and the second-largest consumer of the precious metal behind India.
Elsewhere, Greek leaders scrambled to finalize a proposal required to unlock critical aid from its troika of creditors.
On Thursday evening, Greece presented a signed copy of an emergency bailout to its troika of creditors three hours before the expiration of a midnight deadline. Under the new proposal, Greece agreed to a strict package of reforms and spending cuts worth up to €13 billion, according to the Guardian.
In exchange for the adoption of the austerity measures, the cash-strapped nation could receive approximately €50 billion in short-term funding needed to stave off bankruptcy. The proposal reportedly also includes modest debt-relief for the Mediterranean state, ahead of key repayments owed to the European Central Bank and International Monetary Fund over the next several weeks.
European council president Donald Tusk has advocated for the inclusion of debt sustainability as a provision of the agreement.