Gold little changed as investors eyed talks over Greek debt

• Spot gold was steady at $1,208.09 an ounce by 0043 GMT, after dropping 0.5 percent in the previous session. The metal has lost 1.7 percent for the week. 
• Germany rejected a Greek proposal for a six-month extension to its euro zone loan agreement on Thursday, saying it was "not a substantial solution" because it did not commit Athens to stick to the conditions of its international bailout.
• Berlin's stance set the scene for tough talks at a crucial meeting of euro zone finance ministers on Friday. 
• Greece's leftist-led government is scrabbling to avoid running out of money within weeks and will face pressure to make further concessions in Brussels. 
• As the biggest creditor and EU paymaster, Germany has the clout to block a deal and cast Greece adrift without a lifeline, potentially pushing it towards the euro zone exit. 
• But some officials in other capitals saw the German response as tactical and forecast agreement by the weekend. 
• Bullion had initially seen some safe-haven bids as the uncertainty over the crisis dragged on, but the expectation of a last-minute deal has hurt gold.

Gold retains gains on hopes Fed will delay interest rate hike Commodities

Spot gold was little changed at $1,212.81 an ounce by 00:30 GMT.

• The metal closed up 0.3 percent on Wednesday, after dropping to a six-week low of $1,197.56 earlier in the session. 
• Fed policymakers expressed concern last month that raising rates too soon could pour cold water on the U.S. economic recovery, and fretted over the impact of dropping "patient" from the central bank's rate guidance. 
• The minutes from the Fed's Jan. 27-28 policy-setting meeting, released on Wednesday, show officials grappling to square solid U.S. economic growth with the weakness in international markets, as well as worrying about falling inflation expectations in the United States.
• Global equity markets advanced on Wednesday while the dollar pulled back from earlier gains following the release of the Fed minutes.
• Gold had come under pressure in recent months from expectations the Fed will raise interest rates as early as June, potentially lifting the dollar and hurting non-interest-yielding assets like bullion.
• If interest rates are kept near record lows for longer, bullion's appeal could increase.  

XAUUSD | Update 18 February 2015