Investing.com - Gold prices fluctuated near the $1,200-level on Wednesday, as concerns over the lack of an agreement on economic reforms for bailout funds between Greece and its creditors remained in focus.
On the Comex division of the New York Mercantile Exchange, gold futures for June delivery shed $3.70, or 0.31%, to trade at $1,199.40 a troy ounce during European morning hours. Futures held in a tight range between $1,198.80 and $1,204.30.
A day earlier, gold jumped $9.40, or 0.79%, to end at $1,203.10. Futures were likely to find support at $1,183.50, the low from April 14, and resistance at $1,210.60, the high from April 10.
Also on the Comex, silver futures for May delivery dipped 3.5 cents, or 0.22%, to trade at $15.97 a troy ounce. On Tuesday, silver rallied 11.9 cents, or 0.75%, to close at $16.00.
The Greek government is no closer to reaching an agreement with its international creditors over economic reforms required to access remaining bailout funds.
Athens must pay €780 million due to the International Monetary Fund on May 12, fuelling fears that the country could default on its debt be forced out of the euro zone.
The dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.3% to trade at 97.91 early on Wednesday.
Elsewhere in metals trading, copper for May delivery slumped 0.5 cents, or 0.2%, to trade at $2.698 a pound. Copper tumbled 3.0 cents, or 1.12%, on Tuesday to settle at $2.702 as jitters over a bond default in China's construction sector weighed.
Concerns over domestic bond defaults stoked investor worries that financing deals, which have locked up vast quantities of copper, could unravel.
China is the world’s largest copper consumer, accounting for almost 40% of world consumption.