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The price of gold was hovering around $1,575 per troy ounce on Monday in anticipation of leaders of the European Union convening in Brussels later this week to discuss strategies of staving off the sovereign debt crisis, according to Reuters.

Also keeping the yellowish metal in the balance was additional economic data issued by the U.S. The yellowish metal is coming off losses of 3.5 percent from last week after U.S. officials declined to administer aggressive monetary policy.

"The broader picture suggests gold could move a bit lower, but it will stay in this range until we see definitively whether the bulls will be right about the printing presses at central banks ramping up again, or whether they will hold fire until the world gets a lot worse," analyst Hayden Atkins with Macquarie told the news source. "It is in a wait-and-see kind of mode."

At 11:04 a.m. on Monday, gold futures climbed 0.33 percent, a $5.20 lift to $1,572.10 per troy ounce.

MarketWatch reports Societe Generale indicated aspirations already are fading for European leaders to achieve strong returns when convening for two days later this week beginning Thursday.

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