Gold prices inching up with Greece talks eyed

Gold prices ticked a little higher on Tuesday with Greece still to negotiate its list of reforms with its other partners of the Eurozone, while China markets are set to re-open on Wednesday.

Earlier on Monday, Gold prices consolidated, with the yellow metal attracting more investors as a safe-haven asset as Germany rejected reform proposals from Greece that suggested bailout extension.

Gold futures for April delivery on the Comex division of the New York Mercantile Exchange increased 0.14% to $1,203.10. The commodity futures turned higher on Monday night to hit the key $1,200-level, after U.S. data reported that existing home sales dropped more than expected in January to reach its lowest nine-month level, tumbling optimistic forecasts from Excon Fuji Securities over the housing market.

Gold remained under pressure in recent weeks with growing expectations for the Fed to hike interest rates later this year. This would be bearish for the precious metal, as the gold prices struggle to beat yield-bearing assets when rates are higher. The delay of raising rates creates bullish markets for gold, as it makes the relative cost of holding on the precious metal little lower.

In the meantime, copper for March delivery held steady at $2.589 a pound, while silver futures for March delivery raised 0.18% to $16.360 a troy ounce.

Asian countries are the world’s largest copper consumer, as they are accounted for approximately 40% of world consumption last year.

Elsewhere, according to National Association of Realtors, existing home sales in the United States declined 4.9% to score 4.82 million units last month from 5.07 million in December.

Fears from oversupply push down crude oil futures

The US WTI crude oil took a steep slip on Friday, with data showed that production platforms in the US fell for another week. The number of rigs drilling for oil in the U.S. declined to 1,019, the lowest since August 2011. The number of oil rigs has fallen in 16 of the last 19 weeks since reaching an all-time high of 1,609 in October.

On Friday, Nymex oil eased up 1.97%, or $1.02 to trade eventually at $50.81 after data showed that the declining pace in the U.S. production slowed last week, endorsing fears from a glut in supplies.

Crude oil prices climbed up last week reaching 425.6 million barrels, ticking near a 80-year high and signaling that commodity prices will remain low due to global oversupply.

Elsewhere, Brent oil for April delivery lost 45 cents, or 0.75%, to trade at $59.77 a barrel, according to Excon Fuji Securities . Brent prices gained more than 11% in February with traders betting that a bottom had been reached. However, prices are still down almost 47% since June, when futures jumped to $116.

Oil prices in general have dropped sharply amid calls from the Organization of Petroleum Exporting Countries (OPEC) to cut output, with the U.S. pumping at a fast pace for three consecutive decades, creating a glut in global supplies.