Gold gave up early gains on Monday as a robust dollar outweighed safe-haven demand after Greeks rejected terms of a bailout package in a referendum. The failure to sustain the rally shows gold's struggle amidst prospects of higher US interest rates despite the uncertainty over Athens' financial situation and its future in the euro zone, a situation that would typically garner safety bids for bullion. Spot gold was flat at $1,167.57 an ounce by 0401 GMT, after earlier jumping by as much as 0.6 percent. US gold climbed nearly 1 percent in its biggest daily gain in about two weeks to $1,174.40 before paring some gains to trade up 0.3 percent. Silver, platinum and palladium all declined. "With Greece voting against austerity, the expectation is for gold prices to climb but ... momentum (is) fizzling out," said Howie Lee, an analyst at Phillip Futures. "It's safe-haven property does not appear to be carrying much weight," Lee said. In a referendum on Sunday, Greeks overwhelmingly rejected conditions of a rescue package from creditors. Official figures showed 61 percent of Greeks had rejected a deal that would have imposed more austerity measures on an already ravaged economy. The vote leaves Greece in uncharted waters: risking a banking collapse that could force it out of the euro. Without more emergency funding from the European Central Bank, Greece's banks could run out of cash within days.

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