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Gold gains 0.5% to $1,173; WTI drop 1.7% to $58.14
Gold futures finished higher today, bouncing off their lowest level since mid-March and putting an end to three-session streak of declines as the U.S. dollar and stock market weakened.
Gold for August delivery on Comex gained 0.5 percent to $1,173 an ounce, after losing more than 2 percent over the three previous trading sessions.
Talks aimed at resolving Greece’s debt standoff with its international creditors continue to drag on. Greek Prime Minister Alexis Tsipras is expected to meet with German Chancellor Angela Merkel and French President François Hollande in Brussels on Wednesday.
The dollar was weaker versus most major rivals after scoring a 13-year high versus the yen on Friday. The ICE U.S. dollar index a measure of the U.S. currency against a basket of six major rivals, was down 1 percent.
A weaker dollar is seen as supportive for commodities priced in the unit as it makes them less expensive to users of other currencies.
In other metals trade, July silver declined by 0.2 percent to $15.959 an ounce. July platinum rose 0.8 percent to $1,101.20 an ounce, while September palladium lost 1 percent to $743.75 an ounce.
July copper rose less than half a cent to $2.697 a pound.
In energy trading, oil futures finished lower today, as a drop in Chinese oil imports and the lingering effects of last week’s decision by the Organization of the Petroleum Exporting Countries to keep its production ceiling unchanged sent prices for the U.S. benchmark well below $59 a barrel.
On the New York Mercantile Exchange, July crude settled at $58.14 a barrel, down 1.7 percent.
July Brent crude on London’s ICE Futures exchange fell 1 percent to $62.69 a barrel.
Data today showed China’s May crude-oil imports fell 11 percent from a year earlier. Strong Chinese oil demand has been one of the few pillars of oil support so far this year and signs of softening demand will weigh on oil prices.
Also today, the Energy Information Administration said oil production from seven major U.S. shale plays is expected to fall by 91,000 barrels a day in July from June.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/61850/gold-gains-05-to-1173-wti-drop-17-to-5814-61850.html
