Gold is currently at $1,167.20 (+0.32%) an ounce. The metal advanced due to its safe-haven appeal at the beginning of the session after sources reported that 61.31% of Greeks had voted against Europe's latest bailout offer. Later on bullion has erased its early gains although it usually becomes more attractive at times of financial uncertainties.

The failure to sustain gains shows the importance of Fed interest rates prospects as the regulator prepares for a liftoff. Strong U.S. dollar also keeps gold under pressure.