Gold traded lower on a stronger U.S. dollar as a deal between Greece and its creditors has been reached and on Friday's comments by the Fed Chair Janet Yellen.

The deal needs to be approved by national parliaments before talks about a bailout programme can start.

The Greek government should have to pass a series of reforms, including tax and pensions reforms, into law by Wednesday to restore trust.

"The advantages far outweigh the disadvantages. The country which we help has shown a willingness and readiness to carry out reforms," German Chancellor Angela Merkel said on Monday.

Federal Reserve Chair Janet Yellen said on Friday that she expects the interest rate hike by the Fed at some point this year. But she added that the U.S. labour market remains week.

August futures for gold on the COMEX today declined to 1152.80 dollars per ounce.