Gold's stubborn non-reaction to Greece's default on its crucial 1.5 billion euro repayment ($1.7 billion) to the International Monetary Fund (IMF) couldn't be more disappointing to bullion bugs.
The yellow metal reversed slight gains to trade around 0.3 percent lower at $1,169 on Wednesday, despite heightened uncertainty around the fate of the heavily-indebted nation.
So, why isn't the yellow metal catching a safe-haven bid? Here's what commodities analysts are chalking it up to, in their own words:
First off, investors expect the Greek crisis will be contained.
Victor Thianpiruiyam, commodity strategist at ANZ: "The market seems a little more confident with the situation now. There seem to be reassurances from euro zone officials that the contagion risk from Greece will be relatively small if any at all.