Gold price traded lower on hopes for a deal between Athens and its creditors. The head of the Eurogroup Jeroen Dijsselbloem said after the Eurogroup's meeting on Monday that a deal between Greece and its creditors could be reached this week.

"It's an opportunity to get a deal this week and that's what we'll work for," he said.

Dijsselbloem noted that the new Greek proposal was "broad and comprehensive".

"Work still needs to be done," the EU's Economic and Financial Affairs Commissioner Pierre Moscovici said.

The Eurozone leaders' meeting is scheduled to be at 17:00 GMT.

Earlier on Monday, European Commission President Jean-Claude Juncker said that progress has been made in the debt talks between Greece and its creditors over the weekend, but he is sceptical if a deal will be reached today.

News reported that Greek Prime Minister Alexis Tsipras said that the Greek government provided a proposal for a "mutually beneficial deal".

June futures for gold on the COMEX today fell to 1181.60 dollars per ounce.