Gold prices declined by 1.7%, as the euphoria over Greece and investors was again reminded of the threat of the U.S. financial crisis.

Markets are waiting for the White House and Congress will agree on how to prevent financial crisis, manifested in reduced costs and increased taxes by $ 600 billion, which will automatically enter into force early next year if the politicians do not agree.

The threat of a recession in the U.S. economy supports the gold price, but the rise of the dollar prevents them from increasing.

Stocks of the world's largest exchange-traded fund backed by gold ETF SPDR Gold Trust on Tuesday rose to a record 1.345,813 tons and reserves of the largest secured silver ETF iShares Silver Trust are close to a minimum of two months 9.818,07 tons.

December futures price of gold on COMEX today fell to 1705.50 dollars per ounce.