Gold Remains Above $1180 on U.S. Dollar

Gold slipped on Tuesday as the dollar firmed as the U.S. Federal Reserve policy meeting got underway, while a looming Greek crisis failed to trigger sustained demand for safe-haven assets.

Spot gold fell 0.4 percent to $1,181.45 an ounce, while U.S. gold futures for August delivery settled down $4.90 an ounce at $1,180.90.   “Gold is weaker because people are still thinking that the U.S. economy is recovering,” Citi strategist David Wilson said.

“So people are focusing on those positives of the U.S. economy rather than the macro negatives of a Greek exit (from the European Union), given that the Athens crisis has been dragging on for a very long time.”