Gold price traded lower due to a stronger U.S. dollar. The uncertainty over the Greek debt problem supported gold price. Yesterday's debt talks were unsuccessful. The European Commission's Valdes Dombrovskis said that the Eurogroup is ready to continue the debt talks.

European Council President Donald Tusk called the Eurozone leaders' meeting for Monday at 17:00 GMT in Brussels.

"It is time to urgently discuss the situation of Greece at the highest political level," he said.

The European Central Bank (ECB) on Friday raised the amount the Greek central bank can lend its banks by €3.3 billion.

June futures for gold on the COMEX today fell to 1199.10 dollars per ounce.