Gold Drifts Below $1200 as Greece Eyed

Gold held close to its highest in nearly four weeks on Monday after climbing last week on hopes a U.S. interest rate hike may not come as soon as some had expected, but gains were curbed by possible signs of progress in Greek debt talks.

Spot gold had dipped 0.1 percent to $1,198.31 an ounce by 0043 GMT, near the $1,205.50 hit last week, which was its highest since May 26.

Gold rallied last week on a softer dollar after Federal Reserve policymakers said a rate increase would be appropriate only after further improvement in the labor market and greater confidence that inflation would rise.

CNBC

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