Investing.com - Gold prices traded near the lowest level in eight months on Thursday, amid easing concerns over Greece's debt crisis and amid growing indications that a rate hike is coming in the U.S. later this year.
Gold futures for August delivery on the Comex division of the New York Mercantile Exchange shed $1.20, or 0.1%, to trade at $1,146.20 a troy ounce during European morning hours.
A day earlier, gold fell to $1,141.90, a level not seen since November 7, before closing at $1,147.40, down $6.10, or 0.53%. Futures were likely to find support at $1,130.40, the low from November 7, and resistance at $1,155.80, the high from July 15.
Also on the Comex, silver futures for September delivery slumped 1.6 cents, or 0.11%, to trade at $15.03 a troy ounce. On Wednesday, silver dropped 26.7 cents, or 1.74%, to end at $15.04.
Greece's parliament approved harsh austerity measures demanded by the country’s creditors in order to clear the way for negotiations on a third bailout package to begin.
The eurogroup of euro zone finance ministers were to hold talks on the latest developments in Greece later Thursday.
Ahead of the Greek vote on Wednesday night, the French national assembly voted overwhelmingly in favor of starting negotiations for the third bailout. Germany’s Bundestag is set to vote on the plan on Friday.
Meanwhile, demand for the dollar continued to be underpinned after Federal Reserve Chair Janet Yellen reiterated Wednesday that the central bank was on track to raise interest rates by the end of the year if the economy continues to evolve as expected.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was near six-week highs at 97.45.
The U.S. is to release weekly data on initial jobless claims as well as a report on manufacturing activity in the Philadelphia region later in the day, as traders look for further indications on the strength of the economy and the timing of an interest rate hike.
Elsewhere in metals trading, copper for September delivery rose 1.2 cents, or 0.48%, to trade at $2.534 a pound during morning hours in London.