On Monday, gold edged higher to track in rebound in the single currency, euro, after opinion polls suggested that the Greek public favored pro-bailout conservatives, easing some nervousness in financial markets, but concerns over the euro zone undermined market conviction.
On Friday, the euro bounced back from a two-year low after Conservatives of Greece regained an opinion poll lead that would allow for the formation of a pro-bailout government.
"June will be a key month as investors await the Greek election," said Lynette Tan, an analyst at Phillip Futures in Singapore. "Gold will probably be rangebound between $1,530 and $1,600 per ounce if there's no major news before the election."
Spot gold edged up 0.1 percent to $1,575.31 per ounce by 0321 GMT. Data from U.S. Commodity Futures Trading Commission showed speculators in the week ended May 22 cut their net bullish bets on U.S. gold to the lowest level since December 2008 as the increase in short positions outpaced the uptick in longs.
"There is no particular reason to buy gold at this point - oil prices have slumped, the dollar is very strong and we don't see the prospect of more monetary easing from the U.S. Federal Reserve any time soon," said a Hong Kong-based dealer. "People are just waiting for the verdict on Greece."