Gold price traded lower as the U.S. dollar strengthened and stocks rose

Gold price traded lower as the U.S. dollar strengthened and stocks rose on hopes for a deal between Athens and its creditors. The head of the Eurogroup Jeroen Dijsselbloem said after the Eurogroup's meeting on Monday that a deal between Greece and its creditors could be reached this week.

"I am convinced that we will find an agreement this week. It's vital"." the EU's Economic and Financial Affairs Commissioner Pierre Moscovici said last night.

The U.S. dollar strengthened despite the weaker-than-expected U.S. durable goods orders data. The U.S. durable goods orders dropped 1.8% in May, missing expectations for a 0.5% decrease, after a 1.5% decline in April. April's figure was revised down from a 0.5% fall.

The decline was partly driven by lower orders for aircraft. Orders for nondefense aircraft dropped 35.3.0% in May.

The U.S. durable goods orders excluding transportation rose 0.5% in May, missing expectations for a 0.6% gain, after a 0.3% decrease in April.

Gold price found some support from a 3.5 tonne rise in SPDR Gold Shares. But physical gold demand in Asia remained soft.

June futures for gold on the COMEX today fell to 1175.70 dollars per ounce.