Gold price settles lower 0.4% to $1,180; WTI rises 0.8% to $59.97

New York (Jun 16)  Gold futures finished lower today, surrendering most of their gains from a day earlier as investors awaited the outcome of the Federal Reserve’s two-day meeting on monetary policy.

Gold for August delivery on Comex fell 0.4 percent to settle at $1,180 an ounce. Prices settled with a gain of 0.6 percent yesterday.

Gold has continued to trade in a tight trading range as last week, with breakout and breakdown levels at $1,165 an ounce on the downside and $1,220 an ounce to the upside, he said.

The Fed’s rate-setting Federal Open Market Committee will conclude its two-day meeting tomorrow. The central bank is expected to leave interest rates unchanged, but investors expect clues on the timing of a widely anticipated rate hike.

In other metals trade, July silver lost 0.7 percent to $15.965 an ounce after tacking on 1.6 percent a day earlier.

July platinum fell 0.8 percent to $1,079.80 an ounce, while September palladium lost 0.2 percent to $732.80 an ounce.

July copper shed 1.2 percent to $2.616 a pound.

In energy trading, U.S. oil prices climbed today, snapping a three-day slump, on strong demand for crude and the threat of a tropical storm along the Gulf Coast.

Light, sweet crude for July delivery, the U.S. benchmark, settled up 0.8 percent at $59.97 a barrel on the New York Mercantile Exchange.

Source: ProactiveInvestors