Investors are awaiting OPEC's meeting on June 05. It is expected that OPEC keeps unchanged its oil production.

WTI crude oil for July delivery declined to $59.52 a barrel on the New York Mercantile Exchange.

Brent crude oil for July fell to $64.53 a barrel on ICE Futures Europe.

Gold price traded higher on the weak U.S. consumer spending and on comments by Boston Fed President Eric Rosengren. Personal spending was flat in April, missing expectations for 0.2% gain, after a 0.5% increase in March. March's figure was revised up from a 0.4% rise.

Consumer spending makes more than two-thirds of U.S. economic activity.

Consumers cut back on purchases. The saving rate rose to 5.6% in April from 5.2% in March.

Personal income increased 0.4% in April, exceeding expectations for a 0.3% rise, after a flat reading in March.

The increase in personal pending was driven by a rise in in wages and salaries, which climbed 0.2% in April.

Boston Fed President Eric Rosengren said on Monday that it is not right time for hiking interest rate.

"The data have disappointed before, and an appropriately data-dependent monetary policy requires confirmation in the numbers, not just in forecasts of better times," Rosengren said.

The Greek debt crisis also supported gold price. Greece have to repay €310 million IMF loans this week but a new debt deal between Greece and its creditors is not reached yet.

June futures for gold on the COMEX today rose to 1200.10 dollars per ounce.

The oil driller Baker Hughes reported that the number of active U.S. rigs declined by 13 rigs to 646 last week, the lowest weekly level since August 2010. It was the 25th consecutive weekly fall.

Combined oil and gas rigs fell by 10 to 875. It was the lowest since January 2003.

(raw materials / closing price /% change)

Oil 59.00 -1.21%

Gold 1,187.50 -1.37%