Gold traded lower on a stronger U.S. dollar. The greenback rose against other major currencies as the probability of a Greek exit from the Eurozone increased. The Eurogroup's meeting ended without results today. According to multiple sources, Athens did not present new proposals. Reuters reported that Greece will present new proposals maybe tomorrow.

The summit of the Eurozone leaders is scheduled to be later in the day.

German Finance Minister Wolfgang Schaeuble said on Tuesday that Athens should provide new proposals in order to get help. He added that debt cuts are not allowed under Europe's bailout rules.

August futures for gold on the COMEX today declined to 1146.80 dollars per ounce.