Gold retains gains in Asia

Gold was firm near $1,185 an ounce on Tuesday, clinging to overnight gains as Greece's failure to strike a deal with its creditors triggered safe-haven bids. Spot gold was steady at $1,185.6 an ounce by 0650 GMT, after gaining 0.5 percent on Monday. The metal traded in a narrow range as investors awaited more cues from a Federal Reserve meeting that kicks off later in the session.
"Heading closer to this weeks' FOMC meeting, the $1,170 to $1,195 range is still in play," said MKS Group trader Sam Laughlin, referring to the Federal Open Market Committee. "The yellow metal may be subject to risk on/off plays should anything concrete come out of the ongoing (Greek) debt negotiations, however the price action will most likely be dollar driven," he said. Bullion hasn't been able to make much leeway in the past few months, weighed by uncertainty over the timing of a rate hike. Higher rates would diminish demand for non-interest-paying bullion.