Expect gold prices likely to trade positive: Sushil

Before the data there had been strong expectations that the Fed would raise rates for the first time in nearly a decade in September, given recent strong numbers on consumer spending and housing.

Gold has been under pressure this year from uncertainty over the timing of any rate increase, which could boost the dollar further and dent demand for non-interest-paying bullion.

The metal was still heading for a 0.5 percent fall on the week, adding to the previous week's 2 percent loss, mostly as a result of gains in the dollar against the euro as the Greek debt crisis unfolded.

Uncertainty around Greece has failed so far to trigger strong retail demand for gold, often perceived as a safe-haven asset.

The Greek government has called the referendum on Sunday after five months of acrimonious talks with its creditors broke down without an aid-for-reforms deal.

Outlook

We expect gold prices are likely to trade positive on the back of Greece referendum.

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