Today’s AM fix was $1,281, €1,128.93 and £851.84 per ounce.
Friday’s AM fix was $1,274.25, €1,122.69 and £847.92 per ounce.

Yesterday, gold lost 0.76% or $9.70, closing at $1,274.60. Silver dropped 0.35% or $0.06, closing at $17.20.

In Asia, gold bullion in Singapore for immediate delivery edged lower in early trade on Tuesday, outshone by equities that got a boost from expectations that Greece may be nearing a debt deal with international creditors.

Gold prices have fallen marginally in early European trading, touching a session low just below the $1,275/oz mark, around 0.5% below where they ended Friday.

Greece’s new government has proposed ending a standoff with its international creditors by swapping its outstanding debt for new growth-linked bonds, Finance Minister Yanis Varoufakis was quoted by the Financial Times as saying yesterday.  However, it is far too soon to say that the crisis has been resolved.

Increasing signs of a slowdown of the U.S. economy is supporting gold. U.S. consumer spending recorded its biggest decline since late 2009 in December with households using the extra cash from cheaper gasoline to pay down debt, while factory activity also cooled in January. Those numbers released on Monday followed data last week that showed a sharp slowdown in economic expansion to 2.6% in the fourth quarter from 5% in July-September.

Oil prices rose strongly again on Monday, tacking on a total of 11% over two straight sessions, as some investors bet that a bottom had formed to the seven-month long rout on the market

Elsewhere, European and Chinese factories slashed prices in January as production flatlined, heightening global deflation risks that point to another wave of central bank stimulus in the coming year.

The world’s largest gold exchange traded fund, SPDR Gold Trust, said its holdings rose to 24.65 million ounces on Monday, the highest since October.