Gold prices dipped in early Asia on Friday as investors looked ahead to Europe where a week of furious deal making over terms for Greece's bailout comes to a head this weekend. 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. The Greek Parliament is expected to approve the proposal on Friday before prime minister Alexis Tsipras heads to Brussels for an emergency summit over the weekend.


Base metal prices on the SHFE are expected to rally across the board on Jul. 10, Shanghai Metals Market foresees. The easing of concerns on China’s stock market and Greek issues will help improve market sentiment, SMM explains. Utilization rate at China’s copper wire rod producers fell to 69.85% in June and most of the surveyed are pessimistic about the production in July, SMM finds in a recent survey. Panic triggered by China’s stock crash and Greek debt crisis seemed to ease some, which, combined with bright financial reports from large firms, including Pepsi, allowed US shares to rebound.

Crude oil prices gained slightly in Asia on Friday as investors kept up a focus on China's stock market volatility for demand cues from the world's top importer. Energy traders also awaited the release of oil services firm Baker Hughes weekly U.S. rig count on Friday for further indications on supply levels throughout the nation. Last week, the firm said U.S. oil rigs rose by 12 to 640, ending a 29-week streak of weekly draws. In Vienna, hopes for a final agreement on an Iranian Nuclear Deal before Friday's deadline faded following equivocal comments from U.S. president Barack Obama on the possibility of an accord.