Gold inched lower on Tuesday after failing to break above $1,600 an ounce, as investors await a European Union summit later in the week at which leaders will try to agree on action to solve the region's debt crisis. Spot gold inched down 0.3 percent to $1,587.86 an ounce by 0640 GMT. US gold was nearly flat at $1,588.10.
The gold bar premium in Hong Kong was steady from last week at $1.20 to $1.70 an ounce above London prices, while in Singapore, premiums eased to $1 from $1-$1.20 last week as buying slowed, dealers said.