Gold futures rose during US trading on Tuesday. The gold prices were growing the second consecutive session, as uncertainty about the future of Greece and fears of interest rate rises in the United States remained in the spotlight.
On the COMEX division of the New York Mercantile Exchange, gold futures for August delivery were traded at the price of $ 1.176,90 per ounce, at the time of writing rising 0.28%.
The session highs were at $ 1.182,30 per ounce. At the time of writing this news, the gold found support at the level of $ 1.162,10 and resistance at $ 1.186,60.
The USD index, showing the position of the US dollar against the basket of six major currencies, went down 0.10% and was traded at $ 95.13.
As for other products traded on the COMEX, silver futures for July delivery fell 0.07%, reaching $ 15.948 per troy ounce. On Monday, the price of silver fell to $ 15.88, the lowest level since April 30, before closing trading at $ 15.95, up 2.5 cents, or 0.16%.
Talks between Greece and its international creditors were still in the spotlight. Athens submitted new proposals for economic reforms to the European Commission, reviving hopes for a breakthrough that should help the country to unlock additional funds before it finishes the money.
The Greek Prime Minister - Alexis Tsipras said the two sides could reach an agreement, if the creditors of Greece will cease the requirements to reduce pensions and other proposals that may lead Greece much deeper into recession.
Athens also delayed the payment of debt to the IMF, requesting to merge four of the June payments in one that Greece plans to pay at the end of the month.
Rising gold prices were limited amid speculation that the Federal Reserve may raise interest rates in September.
The Expectations to increase interest on loans had a negative impact on the precious metal because it cannot compete with earning assets during the growing rate.
The copper futures for July delivery rose 0.57%, reaching the level of $ 2,712 per pound, after disappointing Chinese inflation data that supported the speculation that the government will introduce additional stimulus measures to give an impulse to the economy against the background of sluggish growth.
The Asian country is the world's largest consumer of copper, with its share of almost 40% of world consumption last year.