Gold treads water as strong dollar offsets haven bids from Greek crisis

Gold gave up early gains to trade flat on Monday as a stronger dollar offset safe-haven bids after Greece and its creditors failed to strike a deal to avert a debt default.

The metal traded in a narrow range as markets waited for a Federal Reserve policy meeting later this week for clues on the outlook for US interest rates.

Spot gold was flat at $1,181.30 an ounce by 0314 GMT, after earlier climbing to a session high of $1,186.20. The dollar rose 0.3 per cent against a basket of major currencies.

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Posted in: Indian Market Tips