Gold future reached their lowest since July 2011 on Wednesday mainly affected by stronger greenback and Greece’s economic and political worries. Further to add to the losses of the precious metal European Central Bank also decided to stop funding to certain Greek banks, however the central banks also disclosed that it would continue to support Greece’s banking system.

Gold futures contract for June delivery declined 1.3 percent or $20.50 to settle at $1,536.60 per ounce on the Comex division of the New York Mercantile Exchange. Analysts foresee that the precious metal would come below the level of $1,500 per ounce in coming session however it is also anticipated that the gold could fell below $1,400 per ounce in next couple of months.

The stronger dollar also kept gold and other commodities under pressure as the dollar index DXY which measures the US dollar’s performance versus its six major rivals gained to 81.355 on Wednesday as compared to 81.286 on Tuesday’s late trading hours.

Among other base metals, copper futures contract for July delivery fell 1.1 percent or $0.04 to settle at $3.89 per pound while silver for the same month slipped 3.2 percent or $0.88 to $27.20 per ounce.

Platinum futures for July delivery declined 1 percent or $14.30 to settle at $1,432.20 per ounce while its sister metal palladium futures contract for June delivery dropped 1.2 percent or $7 to $594.10 per ounce.