MANAMA, July 7 -- Commodities with a few exceptions failed to hold onto the gains that were seen following the G-20 meeting in Osaka. During a holiday-shortened week the market first reacted positively to renewed hopes that the US and China would return to the negotiation table. A relief that was soon overtaken by a return to reality when weak economic data from Asia to Europe and the US continued to highlight the risks to the global economy and with that demand for key commodities from oil to industrial metals.

In a Saxo Bank Commodity report written by Ole S. Hansen stated that gold traded in a 56-dollar range around $1400/oz as conflicting market news added to nervous trading from recent buyers still seeking assurance that gold has es...