Gold fell slightly in lacklustre, post-holiday trade after touching its highest price in nearly four weeks on Tuesday, as new hopes for a debt bailout for Greece restored confidence in riskier assets. There was plenty of interest on both sides. These days, some investors are seeking a safe haven asset, while others are looking for the so-called risk-on trade, analysts said.
Benchmark August COMEX futures lost 50 cents to close at $1,536.80 per ounce. The outgoing June gold contract settled 40 cents lower at $1,535.90 an ounce.
For the month, gold is down 1.82 percent, hanging below a lifetime high at $1,575.79 touched early in the month. Although it has been a beneficiary of investor nervousness over Greece, it has struggled to retain gains.
Gold holdings are down by more than 500,000 ounces this month and down 0.68 percent year-to-date, but bullion ETFs have lured more cash in May than other precious metals.
Silver ended up 1 percent at $38.40 an ounce. Despite the day's gains, silver was down about 20 percent in May - its biggest monthly decline since August 2008 - after setting a record $49.51 in April.
Platinum fetched $1,825.05 an ounce, well above $1,796.35 previously, while palladium rose about 3 percent to $775.75. This month, platinum fell nearly 2.5 percent and palladium off almost 2 percent.
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