Gold price edges down on strong dollar and Fed's rate hike prospects, Greek crisis caps losses

London (Jun 1)  Gold edged lower on Monday, as the dollar climbed versus the euro and the prospect of higher U.S. interest rates loomed, but uncertainty over the Greek debt crisis limited losses.

 Spot gold was down 0.3 percent at $1,186.79 an ounce by 1000 GMT. It posted a second consecutive weekly fall last week, falling to a near-three-week low on Thursday.

 U.S. gold futures for August delivery were down $3.00 at $1,186 an ounce.

The dollar rose 0.5 percent versus a basket of leading currencies, mostly due to euro losses after Greece missed a a self-imposed Sunday deadlinefor reaching an agreemeny with its lenders to unlock aid.

Silver was down 0.2 percent at $16.67 an ounce, having hit its lowest since May 13 at $16.51 on Wednesday.

Source: EconomicTimes.in