Gold prices are falling because of fears that the EU summit on Wednesday, did not save the markets from the fear of debt crisis in the eurozone.

At the summit, French President Francois Hollande will promote the idea of ​​joint euro zone bond, which is opposed by German Chancellor Angela Merkel. Meanwhile, the market is increasingly wary of Greece out of the eurozone, to avoid the austerity measures, as we approach the elections in the country, which will be held on June 17.

The physical demand in India - the world's largest gold market - remains weak due to the increase in prices associated with the depreciation of the rupee to a record low, and increase sales of gold scrap.

The cost of the June gold futures on the COMEX fell today to $ 1533.9 an ounce.