Gold dropped to $1,150.10 (-0.22%) an ounce. The metal does not receive much support from Greece's situation despite that it's a traditional safe-haven asset at times of economic uncertainty. However it seems that this time investors favored sovereign debt. Strong dollar and possibility of a rate hike in the U.S. by the end of the year push bullion down. Minutes of the latest FOMC meeting will be published on Wednesday afternoon. Traders are waiting for it to find clues on the timing of the liftoff in Fed interest rates. Higher U.S. rates later this year would put additional pressure on non-interest-paying bullion.
Barclays analysts said that gold prices might experience their worst dynamics in the third quarter of 2015 as experts expect rates to be raised in September.