Gold futures settle lower, but hold near $1,200

Gold futures settled lower on Thursday, but held their ground near the key $1,200-an-ounce level, finding some support from weakness in the U.S. dollar as investors mulled the latest batch of U.S. economic data and developments tied to debt woes in Greece.

Gold for June delivery on Comex GCM5, +0.13%  fell $3.30, or 0.3%, to settle at $1,198 an ounce after tapping an intraday low of $1,194.30. May silver SIK5, -0.15%  added a half cent to $16.284 an ounce.

“Gold seems caught between a rock and a hard place as investors balance the prospect of interest rate hikes in the U.S. starting soon and the unfolding events in Greece,” said Richard Gotterer, managing director and senior financial adviser at Wescott financial Advisory Group.

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