Gold is currently at $1,160.40 (-0.27%) an ounce. The metal failed to strengthen even after minutes of the latest FOMC meeting showed that policymakers need more signs of progress in the U.S. economy to justify the beginning of normalization of interest rates. At the same time the minutes indicated that policymakers still intend to raise rates this year.

Greece's crisis continues to play little part in bullion dynamics, although normally investors turn to gold at times of economic uncertainties.