Gold futures was seen trading lower by 0.68% on Monday ahead of the EU summit.
On the Multi Commodity Exchange (MCX) gold for August delivery was seen trading at Rs 29,771 lower by Rs 203 per 10 grams at 2.20 pm IST, after reaching an intraday low of Rs 29,720.
Investors fretted over dollar strength and deflation arising due to the slowing global economic growth. International spot gold was steady at US$1,571 per ounce after falling for 3% or more previous week.
Due to illness Greece's new prime minister and incoming finance minister will miss this week EU summit.
Domestic gold with 9.9 and 99.5% purity was seen at Rs 30,270 and Rs 30,070 per 10 grams, respectively, due to subdued physical demand as investors are waiting for further price fall.
Spot gold on MCX was seen at Rs 29,729 per 10 grams and silver was seen at Rs 52,367 per kgs.
Gold seems to be losing its safe haven tag; as nowadays, any bad news from Europe is turning investors sour about the yellow metal in line with other riskier assets.