EU summit leaders are expected to agree on a balanced budget rule in national legislation, but unresolved problems in Greece cast a shadow on the discussions, reports reuters.
Globally, investors are parking surplus to the Dollar due to rising fears about the future of the euro zone.
On the Multi Commodity Exchange, gold for February delivery contract opened at Rs 28,030 per 10 grams and was seen trading at Rs 27,877 down by Rs 113 or 0.40% at 3.03 pm IST.
Similarly, the metal for April contract delivery was trading at of Rs 28,629 per 10 grams down by Rs 115 or 0.41%.
However, the spot gold on MCX rose was seen trading at Rs 28,029. Spot silver was down at Rs 55,417.
While, silver for March delivery on MCX was trading at Rs 56,509 down by Rs 720 or 1.26%. It touched intraday low of Rs 56,425.
US spot gold was seen trading at $1,721.11 a troy ounce.