Bullion prices to take off on Greece's debt default

Gold inching up today as Greece and remains to sustain as Greece creditors failed to strike a chord to prevent a debt default but gains were on ceiling as traders lingered for a Fed's policy meeting later this week for clues on the outlook for US interest rates.

Spot gold had risen 0.4 % to USD 1,183.9 an ounce by now after posting its first weekly gain in four weeks on Friday.

Bullion markets have got some safe-haven support from news over the weekend that talks on ending a deadlock between Greece and its international creditors broke up in failure on Sunday with European leaders venting their frustration as Athens stumbled closer towards a debt default that threatens its future in the euro.

Gold is classically in demand during times of political and financial uncertainty though gains are often short-lived.