Gold Eyed In $1,700-$1,750/Oz Band Before EU Summit

Gold is a likely to remain well supported due to the
ongoing euro-zone crisis and is tipped in a $1,700/oz-$1,750/oz range ahead of
this week's European Union summit, says a Tokyo-based trader. "There is so much
uncertainty about where the market is trying to head," he says. Physical demand
continues to be weak in Asia, though there is some investment demand but quite
a few investors are opting to stay on the sidelines ahead of the EU meet, he
notes. He says that gold is unlikely to see any big moves even if the European
Central Bank cuts its interest rate at Thursday's policy meeting. Spot gold is
at $1,728/oz, down $1.40 from its previous close.