Investing.com - Gold prices edged lower in European morning hours in choppy trade on Friday, as the previous session's upbeat U.S. data continued to support the dollar and as markets continued to focus on Greek debt negotiations.
On the Comex division of the New York Mercantile Exchange, gold futures for August delivery were down 0.12% at $1,170.50.
The August contract ended Thursday's session 0.09% lower at $1,171.80 an ounce.
Futures were likely to find support at $1,168.10, the low from June 24 and resistance at $1,179.70, the high from June 24.
The dollar found support after data on Thursday showed that U.S. personal spending rose by 0.9% in May, above expectations for a gain of 0.7%.
The report also showed personal income rose by 0.5% in May, in line with forecasts and after rising 0.5% in April.
In addition, the U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending June 20 increased by 3,000 to 271,000 from the previous week’s total of 268,000. Analysts had expected initial jobless claims to rise by 4,000 to 272,000 last week.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.08% at 95.44 in early European trading,
Meanwhile, market participants continued to monitor the Greek debt situation after negotiations between Athens and its creditors broke down once again on Thursday.
Time is running out for the Greek government to secure a deal to unlock bailout funds ahead of the looming deadline for a €1.6 billion repayment to the International Monetary Fund on June 30.
If Greece misses the payment it risks going into default, which could trigger the country’s exit from the euro area.
Elsewhere in metals trading, silver futures for July delivery tumbled 1.25% to $15.610 a troy ounce, while copper futures for July delivery gained 0.51% to $2.637 a pound.