Gold slid to $1,176.40 (-0.22%) an ounce despite Greece default fears. The country is expected to default on its €1.6 billion debt payment to the International Monetary Fund today. However it seems that the influence of today's rebound in stocks matters more. A relatively strong dollar and Fed rates outlook also weighs on bullion.
Investors are traditionally attracted to gold at times of crisis or uncertainty. However this time bullion's gains are modest and short-lived. The situation may change if default crisis spreads to other countries in any part of the world.