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Gold rose on Monday on safe-haven bids after Greece and its creditors failed to strike a deal to avert a debt default, but a stronger dollar and a Federal Reserve policy meeting later this week kept gains in check. Spot gold had edged up 0.3 percent to $1,184.28 an ounce by 0716 GMT, after earlier climbing to a session-high of $1,186.20. The dollar rose 0.1 percent against a basket of major currencies.
Traders noted limited safe-haven bids from the Greek crisis. Talks over the weekend to end a deadlock between Athens and its international creditors broke up in failure. Greece is stumbling closer towards a debt default that threatens its future in the euro zone. Gold is typically in demand during times of political and financial uncertainty, although gains tend to be short-lived.
"Gold has drawn limited safe-haven interest - enough to stall the downside - and instead focussed on US monetary policy," Barclays analysts said in a note on Monday. "Although gold has edged higher over the past week, the floor for prices is relatively soft, given the seasonally slow period for demand, which has been compounded by continued exchange-traded product outflows and the establishment of fresh shorts." Holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, are at their lowest since 2008, having seen more outflows on Friday. Other data showed hedge funds and money managers slashed their net long stance in gold during the week ended June 9.

Copyright Reuters, 2015

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