Gold at $1,221.75 Amid Greece Bailout Concerns

Gold fell 0.8 percent to hit $1,221.75 an ounce on Tuesday, according to Reuters. Meanwhile, gold futures dropped 0.29 percent to trade at $1,223.50, FxPro said.

These price drops came amid continued investor caution regarding financial bailout talks between Greece and Eurozone finance ministers. Gold has gained about 1 percent in the past three sessions.

“It is hard for gold investors to get a steer from Greece at the moment,” Matthew Turner, a Macquarie analyst, told Reuters. “Greece was never behind the rally in gold this year, that was more to do with central banks’ actions around the world.”

Greece wasn’t the only player to affect market pricing Tuesday. Demand for gold decreased from China just ahead of the country’s Lunar New Year holiday.