Gold price drops 0.1% to $1,185; WTI slides 0.9% to $57.51

San Francisco (May 27)  Gold futures today logged a fourth consecutive session of losses as investors eagerly watched debt talks in Greece and searched for further clues on the timing of the Federal Reserve’s interest-rate hike.

Gold for June delivery fell 0.1 percent to settle at $1,185.60 an ounce on Comex, with prices holding ground at their lowest settlement level since May 11.

Reports today said Greece is nearing a deal with its creditors, helping the euro turn higher against the dollar.

But gold prices had dropped 1.4 percent yesterday as the dollar hit an eight-year high against the Japanese yen and strengthened versus the euro.

Dollar-denominated gold often trades inversely to the greenback, which can influence the metal’s value to international buyers.

Looking ahead, U.S. GDP data due Friday will give the market clues on the strength of the U.S. economy — and should drive gold until next Wednesday, said Chintan Karnani, chief market analyst at Insignia Consultants.

In other metals trading, July silver lost 0.6 percent to $16.647 an ounce. July platinum fell 0.5 percent to $1,119 an ounce after losing 2.1 percent in the previous session. June palladium tacked on 0.6 percent to $785 an ounce. July copper shed 0.3 percent to $2.7685 a pound.

In energy trading, oil prices lost ground today, with the U.S. benchmark slipping below $58 a barrel to its lowest settlement of the month as traders awaited weekly U.S. data that are expected to show a moderate decline in crude inventories.

Traders also looked for comments from key oil producers ahead of a scheduled meeting of the Organization of the Petroleum Exporting Countries slated for June 5 in Vienna.

July crude settled at $57.51 a barrel, down 0.9 percent on the New York Mercantile Exchange.

July Brent crude on London’s ICE Futures exchange fell 2.6 percent to $62.06 a barrel.

Source: ProactiveInvestror