Gold gains for 11th day in 12; oil holds above $106

San Francisco (June 24)  Gold prices finished higher today to mark their fifth straight session gain, even as some analysts cautioned the gains could be fleeting.

Gold for August delivery inched up 0.2 percent to end at $1,321.30 an ounce on the Comex division of the New York Mercantile Exchange.

It has now tallied a five-session gain of roughly $49 an ounce, or nearly 4 percent.

On Comex, gold prices have also now posted gains in 11 out of the previous 12 trading sessions.

In other metals, July silver gained 0.6 percent to end at $21.04 an ounce.

July platinum increased 1.1 percent to $1,471.90 an ounce, while September palladium   added 0.9 percent to $830.40 an ounce.

High-grade copper for July delivery closed roughly unchanged at $3.15 a pound.

In energy markets, oil futures fell for a second straight session today, but kept their grip on $106 a barrel.

Traders assessed prospects for demand and watched developments in Iraq ahead of weekly data on U.S. petroleum supplies.

July crude slipped 0.1 percent to settle at $106.03 a barrel on the New York Mercantile Exchange.

Iraqi forces have been battling the Sunni Islamic State in Iraq and the Levant for control of the Baiji refinery north of Baghdad for almost two weeks. The crisis flared this month when ISIL captured the northern city of Mosul on June 10 and advanced to towns just north of Baghdad.

A government report tomorrow is projected to show that U.S. crude supplies fell a fourth week.

Source: ProactiveInvestors