LONDON (Reuters) - Gold eased below $1,590 an ounce on Tuesday as concerns over the efficacy of the weekend aid package for Spain's banks and upcoming elections in Greece eroded confidence in the outlook for the euro, and as hopes for fresh U.S. monetary easing faded. Other commodity prices were also weak, with crude oil falling back towards the year's lows, and base metals like copper and aluminum slipping. Spot gold was down 0.3 percent at $1,589.70 an ounce at 0831 EDT, while U.S. gold futures for August delivery were down $5.30 an ounce at $1,591.50. Prices fell below $1,600 an ounce last week as expectations for a fresh round of potentially dollar-negative quantitative easing in the United States, sparked by very weak jobs data, dissipated. While rising risk aversion in the euro zone has not tended to boost interest in gold as a haven from risk, signs that the economic crisis is having an impact in the United States have tended to push prices higher. "Gold is sitting waiting for something to happen, but I would argue it is waiting for something to happen in the United States, rather than Europe," Natixis analyst Nic Brown said.

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