Gold Drifts Below $1170 on Stronger Dollar

Gold languished below $1,170 an ounce on Thursday with the dollar stronger on the Greek debt crisis and bullion investors waiting for key U.S. economic data later in the session for cues.

Spot gold was little changed at $1,167.76 an ounce by 0044 GMT, after dropping about 1 percent in the last two sessions. The metal fell to $1,166.35 on Tuesday, its lowest in nearly four weeks.  The dollar index wasn’t too far from a three-week peak hit on Monday, as the euro remained under pressure after Greece defaulted on a loan repayment to the International Monetary Fund.

Prime Minister Alexis Tsipras urged Greeks to reject an international bailout deal, wrecking any prospect of repairing broken relations with European Union partners before a referendum on Sunday that may decide Greece’s future in Europe.