Gold for August delivery settled down $4.20 at $1,596.90 an ounce Wednesday.

It’s the second consecutive day of lower prices after the metal topped $1,600 an ounce.

There appears to be growing support in the US for a bipartisan plan to reduce the deficit ahead of an Aug. 2 deadline to raise the nation’s debt ceiling.

European leaders will meet Thursday to discuss a plan to provide more financial aid for Greece.

Investors are encouraged by the developments and some are opting to sell gold.

Other commodities are mixed.