Azernews.Az

By Bloomberg

Gold for June delivery fell 0.2 percent to $1,201.30 an ounce on the Comex as of 10:52 a.m. in London. Prices have alternated between daily gains and losses for the past week and a measure of 60-day volatility dropped to the lowest since November. Trading volume was 18 percent below the 100-day average for the time of day.

The market has fluctuated around $1,200 an ounce since late March as concerns over Greek debt talks offset rising equities. Greece has been struggling to make progress toward releasing financial aid since striking a deal to extend its bailout program in February.

“It has been a bit like groundhog day for gold around the $1,200 level,” Bernard Dahdah, an analyst at Natixis SA in London, said by phone. “The Greek story might have had a larger impact, but the flow of money into equities is sucking potential investment away from the gold market.”

Assets in gold-backed exchange-traded products increased 0.2 percent to 1,624.5 metric tons, according to data compiled by Bloomberg as of Tuesday. While holdings are still near the lowest since mid-January, they’ve increased for the past three days, the longest stretch in two months.

Bullion was little changed at $1,202.73 in London, according to Bloomberg generic pricing.

Silver for immediate delivery rose 0.1 percent to $16.03 an ounce. Platinum lost 0.8 percent to $1,141.38 an ounce, while palladium slipped 0.1 percent to $769 an ounce.