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NEW YORK (Scrap Monster): Gold eased overnight, but volume was low as markets await a European Union summit later this week, said Alex Thorndike, senior trader for precious metals and forex with MKS Capital.

He continued that, “Moody’s Investors Service downgraded 28 Spanish banks late Monday. There was little surprise, with the euro falling only slightly just underneath $1.2500. Gold on the other hand opened up about $2 higher on Globex, but this was quickly sold into with some eager profit taking in the futures market.”

 “Volumes were very limited today across most markets as many wait for the developments of this week’s EU summit. Market chatter today was not overly optimistic of a favorable outcome from the summit, but this could be all the more reason for an upside surprise. The market remains short EUR and if any unilateral bailout agreement can be reached, the single currency will certainly rally,” Alex added.

As of 7:55 a.m. EDT, the euro was down to $1.2482 from $1.2498 late Monday. Comex August gold was down $5.40 to $1,483 an ounce.