Gold at $1175 Awaiting Greece News

Gold eased for the fifth straight session on Thursday as traders awaited further news on Greece’s negotiations with its creditors, while caution over the metal’s longer-term outlook weighed on interest.

Expectations that the Federal Reserve is set to increase interest rates for first time in nearly a decade, boosting the opportunity cost of holding non-yielding bullion, have pressured gold this year, keeping it in a narrow range.

Spot gold was down 0.2 percent at $1,172.95 an ounce, little changed from the previous session, while U.S. gold futures for August delivery settled down $1.10 at $1,171.80. Spot prices earlier hit a two-week low of $1,171.02.