Gold is cheaper against the depreciation of the euro and oil prices, because investors do not expect a breakthrough in the fight against the debt crisis of the euro area EU summit.

Central banks in Russia, Kazakhstan, Ukraine and Turkey in May, increased gold reserves for a total of more than 25 tons, according to the IMF.

Demand for the physical market in India - the world's largest consumer of gold - a record low due to high prices in the domestic market, but the award in Hong Kong, Tokyo and Singapore are stable, according to traders.

According to the three major mints in Europe and North America, sales of gold coins dropped in the first quarter, but gold-stock ETF-fund on Monday, rose to 70.63 million ounces - a peak from mid-March, according to Reuters.

August gold futures on the COMEX today fell to 1563.1 dollars per ounce.