The European Union on Monday postponed a summit by a week to allow time for a broader solution to Greece's debt crisis, after Athens said it had concluded talks with international lenders on an aid payment needed to avert default.
The debt saga in euro zone will remain in focus, traders and analysts said."The tug of war remains until the politicians wake up," said a Singapore-based trader, adding that gold is likely to be rangebound between $1,630 and $1,720.
Asian shares rose and the euro held the previous session's big gains. Societe Generale said it remains broadly bullish on the outlook for gold despite the recent retrenchment in prices, but lowered its 2012 average price forecast to $2,175 from $2,275.
Other precious metals also rose. Spot platinum rose nearly 1 percent to $1,531, extending the 1.8 percent climb in the previous session. _More >
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