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Gold drops 0.1% to $1,171; WTI declines 1% to $59.70

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Gold for August delivery on Comex fell 0.1 percent to settle at $1,171.80 an ounce. July crude declined by 1 percent to settle at $59.70 a barrel following a loss of 1.2 percent a day earlier.

Gold futures settled lower for a fifth session in a row today, as traders tracked discussions about a debt deal for Greece that appeared to be increasingly unlikely to materialize ahead of a deadline at the end of the month. 

Gold for August delivery on Comex fell 0.1 percent to settle at $1,171.80 an ounce. 

Greek Prime Minister Alexis Tsipras yesterday met with heads of the International Monetary Fund, the European Commission and the European Central Bank, which oversee Greece’s bailout, to agree on a reform plan to present to the Eurogroup. 

The International Monetary Fund said Greece would be immediately be in arrears if it fails to make a $1.7 billion debt repayment due June 30.

In other metals trade, September silver declined by 0.3 percent at $15.841 an ounce. 

October platinum tacked on 0.9 percent to $1,083.70 an ounce, while September palladium slumped by 2.4 percent to $679.35 an ounce.

September copper slipped by half a cent to $2.62 a pound.

In energy trading, oil futures settled back under $60 a barrel today as traders weighed energy-demand implications tied to Greece’s debt woes and looked ahead to next week’s deadline for a deal on Iran’s nuclear program. 

On the New York Mercantile Exchange, July crude declined by 1 percent to settle at $59.70 a barrel following a loss of 1.2 percent a day earlier. 

Brent crude for August delivery fell 0.5 percent to $63.20 a barrel on London’s ICE Futures exchange.

 

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