(MENAFN- ProactiveInvestors)Gold's tiny rise at the prospect that Greece is heading out of the eurozone suggests investors either don't care or see little risk of contagion damage. Whether the gold market's apparent insouciance changes if the Grexit finally occurs remains to be seen but a US$1 rise to US$1176 hardly indicates the biggest test yet for the European monetary union is just around the corner. Possibly it reflects a view there is still time for a solution to be found even if the country's banks are shut for a week. According to Reuters the ECB turned down Greece's request for an additional €6bn in emergency funding but kept its existing credit line open until 5 July. That will cover a referendum next weekend on the terms of the aid programme which has effectively become a referendum on Greece remaining part of the eurozone. Traders said part of the problem is that gains by gold due to the Greece situation are being offset by the surge in dollar gold's traditional counter as the euro slumps. In euro terms the gold price has jumped to a four-week high said Commerzbank. There were some inflows into exchange traded funds last week with the largest gold –backed ETF SPDR. Saw it largest inflow since February last week. But an hour into trading on Wall Street spot gold was flat at US$1.176 silver was a tad lower at US$15.72 and platinum had shed US$4 at US$1073. Major movers Randgold Resources up 40p at 4414p Fresnillo up 2p at 700p Anglo American down 7p at 952p
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