Gold Price Today: Gold Recovers from Previous Losses

The gold price climbed on Wednesday after experiencing its biggest single-day drop since April 30, according to Reuters. Specifically, the metal rose 0.3 percent to reach $1,211.18 per ounce. The increase came as the dollar rose to a three-week high against the euro on the back of news that Greek may not make its upcoming repayment to the International Monetary Fund.

“The dollar and the euro seem to be the direction setters,” Afshin Nabavi, head of trading at MKS in Switzerland, told the news outlet. “This morning gold looked like it was going to break below $1,200, but held well, though it cannot really rally. It feels like $1,200 – $1,215 (is the range) for the short term.”