Gold declined today to 7-week lows, back below the USD1,200 threshold as Eurozone's finance ministers approved in a provisional deal the extension of Greece's bailout for four further months. Greece must submit a list with planned measures until today in order to secure the extension. Eurozone's finance ministers will then decide whether the proposed reforms are enough.

A stronger U.S. dollar and the prospect for higher U.S. rates weigh on the precious metal as the precious metal is dollar-denominated and not yield-bearing. On Tuesday all eyes will be on Federal Reserve Chair Janet Yellen who will speak in front of the Senate Banking Committee for further indication on when a possible interest rate may take place.

The precious metal is currently quoted at USD1,193.30, -0,72% a troy ounce. Gold fell 2.3% last week, a fourth straight loss. On Thursday the 22nd of January gold reached a five-month high at USD1,307.40.