Gold futures slipped early Wednesday, as U.S. stock futures indicated a higher open amid improving sentiment around equities and other riskier assets.
A report that Greece’s prime minister is prepared to agree to most bailout terms set by creditors appeared to provide a lift to stocks while dampening haven demand for gold.
But a separate report then said creditors had rejected a new proposal for budget cuts and policy overhauls, and Greece will proceed with its Sunday referendum as planned.
Gold for August delivery GCQ5, -0.24% was last down $2.70, or 0.2%, to $1,169.10 an ounce, while September silver SIU5, -0.01% fell 3 cents, or 0.2%, to $15.56 an ounce.
“The subject of Greece is overshadowing all other news stories,” said commodity analysts at Commerzbank in a note early Wednesday. Follow the latest news on the Greek crisis
In U.S. economic news on Wednesday, a report on private-sector hiring showed employers added a larger-than-expected number of jobs. Gold dipped a bit more after that report.
On Tuesday, gold futures pulled back and recorded a loss for the first half of the year as speculation that Greece could make a deal helped send the metal’s price lower.
In other metals trading, October platinum PLV5, +0.48% gained $3.10, or 0.3%, to $1,082.60 an ounce, while September palladium PAU5, +3.92% rose $20.85, or 3.1%, to $693.50 an ounce. September copper HGU5, -0.13% fell by a penny, or 0.3% to $2.61 a pound.
Palladium is “overdue” for “a countermovement following the sharp price fall in recent weeks,” the Commerzbank analysts said.
