MANILA, July 13 (Reuters) - Gold edged lower on Monday, dragged down by the euro after a weekend emergency summit to tackle Greece's debt crisis yielded no deal.
FUNDAMENTALS
* Spot gold XAU= was off 0.2 percent at $1,162 an ounce by 0038 GMT, after falling for a third straight week.
* U.S. gold for August delivery GCcv1 gained 0.3 percent to 1,161.10 an ounce.
* Euro zone leaders argued with near-bankrupt Greece at an emergency summit, demanding that Athens enact key reforms this week to restore trust before they will open talks on a financial rescue to keep it in the European currency area.
* But German Chancellor Angela Merkel, whose country is the biggest contributor to euro zone bailouts, said the conditions were not yet right to start negotiations, sounding cautious in deference to mounting opposition at home to more aid for Greece. ID:nL5N0ZS09X
* Federal Reserve chair Janet Yellen said she expects the Fed to raise interest rates at some point this year, but cited her concerns that U.S. labor markets remain weak and that more workers could be encouraged back into the job market with stronger growth. ID:nL1N0ZQ1D4
* Hedge funds and money managers bailed out of COMEX gold, silver and copper futures and options at the fastest pace in at least a year in the week to July 7, at the height of the commodities market's biggest rout in years, data on Friday showed. ID:nL1N0ZQ28M
* Physical demand for gold remained tepid last week as prospective investors in China chased bargains in equities after a market selloff, while those in India delayed purchases. GOL/AS
* Operators of the new precious metals benchmarks, historically run from London, face a challenge to ensure they not only remain relevant globally but are also profitable just as Shanghai is gearing up to launch a rival gold benchmark of its own. ID:nL8N0ZN1HQ
* For the top stories on metals and other news, click TOP/MTL or GOL/
MARKET NEWS
* The euro slipped in Asia while top-rated bonds caught a safe-haven bid as the Greek debt crisis seemed set to rumble on for yet another week while a key reading on economic growth loomed for Chinese markets. MKTS/GLOB
DATA AHEAD (GMT)
China
Trade data
June
1800 U.S.
Federal budget
June