Gold prices barely moved Monday as weak physical buying and easing investor interest tempered anticipation of good economic news from the U.S. and hope that this week's big European summit aimed at solving the debt crisis will not disappoint.
Eurozone leaders gather Friday in another effort to reach an agreement on how to stanch the continent's two-year-old sovereign debt crisis before the bond market drives banks or even weak member nations into bankruptcy.
"Expectations are mounting and sentiment is certainly tilted towards a positive outcome," London-based UBS analyst Edel Tully said in a note.
"Prospects of a step in the (right) direction of further fiscal integration and suggestions that the ECB may be slowly entertaining the possibility of more aggressive measures, should keep risk appetite supported ahead of the summit."
Analysts expect that a report by the Institute for Supply Management will show the U.S. service sector grew in November.
