Gold price loses 0.2% to $1,155/ounce; WTI down 1% at $52.20/barrel

July 13, 2015

New York (July 13)  Gold futures settled lower for a third straight session as relief that Greece reached a deal with its creditors put pressure on prices today.

August gold lost 0.2 percent to settle at $1,155.40 an ounce on Comex after tallying a decline of more than $5 an ounce in the past two trading sessions.

Eurozone leaders unanimously agreed to give Greece another multi-billion-euro bailout package in exchange for stringent austerity measures.

Strength in the dollar also put pressure on dollar-denominated gold prices. The ICE U.S. dollar index was up 0.8 percent as the euro traded sharply lower against the dollar in the wake of the Greek bailout deal.

In other metals, September silver ended down 0.2 percent at $15.457 an ounce after tacking on 0.8 percent on Friday.

October platinum tacked on 0.4 percent, at $1,036 an ounce, while September palladium enjoyed a $8.60 bump, up 1.3 percent, to $658.95 an ounce.

High-grade copper for September delivery settled nearly a cent higher at $2.545 a pound.

In energy trading, oil closed lower today after a Tehran official indicated the Islamic Republic might miss another deadline in securing a nuclear deal integral to lifting Western sanctions on its crude exports.

U.S. light crude, also known as West Texas Intermediate (WTI), closed down 1 percent at $52.20 a barrel. Brent crude for August was down 75 cents at $59 a barrel, having earlier traded at a low of $56.84.

Crude futures had fallen nearly $2 a barrel earlier in the session on reports that Iran and world powers were closing in on a nuclear deal that would allow its oil to re-enter an over supplied market.

But Foreign Minister Mohammad Javad Zarif was quoted later by Iranian media as saying the talks will not be concluded today as expected.

Source: ProactiveInvestor

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