Gold Remains Below $1180 as Stocks Rally

Gold slid to a one-week low on Wednesday, down for a fourth consecutive session, as the dollar strengthened and global stock markets continued to rally on expectations of a Greek debt deal.

Asia shares rallied for a sixth straight session as investors chose to be optimistic that Greece would reach a deal with its creditors, while the dollar held broad gains as the prospect of U.S. rate rises came back on the radar.

“Investors reacted to enhanced hopes of a Greek debt deal by liquidating or shorting gold,” HSBC analyst James Steel said in a research note.