(raw materials / closing price /% change)

Oil 50.95 -1.62%

Gold 1,172.10 -0.37%

Gold prices fell on Monday as expectations for an upcoming interest rate increase in the U.S overshadowed the fallout from Italians' rejection of constitutional reform.

Gold for February delivery, the most-active contract, was recently down 0.9% at $1,167.40 a troy ounce on the Comex division of the New York Mercantile Exchange, on track for its lowest close since Feb. 5.

That decline was despite the Italian "no" vote, which some analysts predicted would spur initial safe-haven buying for gold on fears that it could signal further political uncertainty and threaten the stability of the eurozone, says Dow Jones.

This morning the New York futures for Brent are down 0.19% to $ 51.56 and WTI fell 0.20% to $ 54.35 per barrel. Thus, the black gold is traded lower on the background of drilling rigs growth in the United States, which excited the market because of concerns that the production cuts agreed by OPEC countries and Russia, may not be as significant as previously expected.

As shown by Baker Hughes data on Friday the number of rigs in the US increased by 3. After the low of May 27 manufacturers increased the number of drilling rigs in the United States at 161 (plus 51 percent).