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Gold Eases to $1180 Ahead of Fed Meeting

Gold inched lower on Friday, shrugging off the slightly weaker dollar, lower equity markets and uncertainty over the Greek debt crisis, as traders were cautious ahead of the U.S. Federal Reserve’s policy-setting meeting next week.

Bullion was heading for its first weekly rise in four weeks, capitalizing on gains made earlier in the week, when the weak dollar and increased worries over Greece’s talks with its international lenders provided support.

Spot gold eased 0.2 percent to $1,179.75 an ounce, while U.S. gold futures for August delivery settled down $1.20 at $1,179.20 an ounce.  Earlier dollar strength weighed on gold, making it more expensive for holders of other currencies, but the precious metal failed to garner any strength when the greenback turned slightly lower.

CNBC [1]

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