Gold is currently at $1,159.20 (+0.11%) an ounce. The metal is weighed by news that Greece will implement several reform projects in order to negotiate on a third bailout program estimated up to €86 billion. U.S. rates outlook also keeps pressure on bullion. Federal Reserve Chair Janet Yellen said Friday that the central bank would raise rates before this year ends.

Yellen said that the U.S. economy should perform well and show steady progress for the rest of the year, justifying the Fed's plan to proceed with its first rate hike in nearly a decade. However she noted that the U.S. labor market remained weak and that more workers could be encouraged to return to the job market.

Physical demand remained weak.