Gold is currently at $1,173.10 (+0.11%) an ounce, heading for the biggest weekly drop since March. This week's loss is currently at 2.2%, still held back by prospects of Greek default amid absence of a deal between the country and its international lenders. Negotiations will resume on Saturday (the fifth meeting this week).

At the same time expectations that the Federal Reserve plans to raise interest rates this year, increasing the opportunity cost of holding non-yielding precious metal, have weighed on gold this year.