Gold edged up on Thursday, after sliding for the past four sessions to a two-week low, with investors awaiting news on Greece’s talks with its international lenders to avert a default for further trading cues.
Asian shares edged down on Thursday and the dollar eased, with investors on ice ahead of a meeting of European Union leaders later in the session as Greece continued last-minute efforts to avert a default.
“Gold looks to range trade between $1,169-$1,180 over the short term with the risk to the downside should positive news come out of the Greek debt negotiations,” Samuel Laughlin, a metals dealer at MKS Group said in a note.
Spot gold rose 0.2 percent to $1,176.80 an ounce by 0708 GMT, after dropping 2.2 percent in the past four sessions. Prices fell to a two-week low of $1,171.03 on Wednesday.
Gold, which is seen as a safe haven during times of financial and economic uncertainties, is facing additional pressure from a stronger dollar and expectations of a U.S. interest rate increase.
The dollar steadied after giving back gains against the yen early as debt negotiations to avert a Greek debt default hit a bump, while the euro treaded water after showing a more limited response.