Gold price traded lower on the better-than-expected U.S. personal spending

Gold price traded lower on the better-than-expected U.S. personal spending. Personal spending jumped 0.9% in May, exceeding expectations for 0.7% gain, after a 0.1% increase in April. It was the biggest increase since August 2009.

Consumer spending makes more than two-thirds of U.S. economic activity.

Personal income increased 0.5% in May, in line with expectations, after a 0.5% rise in April. April's figure was revised up from a 0.4% gain.

On a yearly basis, the PCE price index excluding food and index increased 1.2% in May, beating expectations for a 0.8% gain, after a 1.3% rise in April. It was the smallest rise since February 2014.

The PCE index is below the Fed's 2% inflation target. The PCE index is the Fed's preferred measure of inflation.

The number of initial jobless claims in the week ending June 20 in the U.S. increased by 3,000 to 271,000 from 268,000 in the previous week. T the previous week's figure was revised down from 267,000. Analysts had expected the number of initial jobless claims to be 272,000.

Debt talks between Athens and its creditors remained in focus. Eurogroup's meeting ended without a deal today. Next Eurogroup's meeting is scheduled to be on Saturday.

European Commission President Jean-Claude Juncker said on Thursday that officials will "work until the last minute, second, millisecond so that the euro project does not crash".

August futures for gold on the COMEX today fell to 1170.50 dollars per ounce.