Gold price adds 0.5% to $1,179; WTI drops 2.2% to $58.33

New York (Jun 29)  Gold futures settled at their highest level in a week today as a worsening financial crisis in Greece helped boost the metal’s haven appeal for a second straight session.

Greek banks and the stock market are closed after a stunning weekend, after the Greek government late Friday broke off talks for fresh bailout funds and said it would hold a referendum on whether to accept the terms of international creditors.

The referendum will be held on Sunday, but Greece has a payment to the International Monetary Fund due tomorrow.

A government official said today that it would miss that payment, putting it closer to default.

August gold added 0.5 percent to settle at $1,179 an ounce on the Comex — its highest settlement since June 22. Prices tacked on 0.1 percent on Friday, after posting losses for five sessions in a row.

In other metals, September silver fell 0.5 percent to $15.695, extending its decline from Friday.

September copper ended nearly flat at $2.634 a pound.

October platinum ended at $1,082.30 an ounce, up 0.2 percent while September palladium shed 1.8 percent to $666.45.

In energy trading, Oil futures settled at their lowest level in three weeks on Monday as uncertainty surrounding the financial crisis in Greece helped send prices lower for a fourth straight session.

On the New York Mercantile Exchange, West Texas Intermediate crude for August delivery  fell 2.2 percent to settle at $58.33 a barrel. Prices logged their lowest settlement since June 8.

August Brent crude fell 2 percent to $62.01 a barrel on London’s ICE Futures exchange.

Source: ProactiveInvestors