Gold Drops Below $1180 on Greece

Gold was little changed on Thursday, hovering close to the prior session’s two-week low as investors awaited news on Greece’s talks with its international lenders to avert a default, while prospects of a U.S. interest rate hike also reined in prices.

Spot gold was steady at $1,174.90 an ounce by 0108 GMT, after losing 2.2 percent in the past four sessions. Prices fell to their lowest since June 8 at $1,171.03 on Wednesday.

Athens’s talks with creditors bogged down on details, with next week’s deadline to repay 1.6 billion euros to the International Monetary Fund looming and threatening to trigger the country’s removal from the euro zone.