Gold Price Today: Gold Drops for Third Straight Session

The gold price dropped for a third straight session on Wednesday as investors moved to the sidelines following the rejection of Greece’s latest proposal, Reuters reported. Specifically, it fell to $1,171.21 an ounce, its lowest price since June 8. Meanwhile, US gold futures for August delivery dropped $2.80 an ounce to hit $1,173.80.

“Gold continues to struggle with multiple headwinds,” said Ole Hansen, Saxo Bank’s head of commodity research. “But we have nevertheless managed o find some support towards $1,170. We can probably expect the range bound nature will continue for now.”