deflation which could sap investors' interest in the precious metal.
Inflation fears have helped fuel several years of strong gains for gold, but now investors are starting to worry about deflation after reports last week showed signs of slowing economic activity around the world.
FUNDAMENTALS
* Spot gold added $1.70 to $1,573.14 an ounce by 0041 - well below a record of about $1,920 hit in 2011, when investors turned to the metal as a safe haven during the debt crisis in Europe.
* U.S. gold for August delivery rose $7.30 to$1,574.20 an ounce.
* Greece's new prime minister and incoming finance minister, who have been ill, will miss this week's EU summit when Athens will propose easing the terms of its bailout and international lenders have had to postpone a first meeting with the team.
* Gold imports to India fell by $6.2 billion in the first two months of the current fiscal that began in April, compared with the year-ago period, finance secretary R.S. Gujral said on Friday.
MARKET NEWS
* Currency markets got off to a subdued start on Monday, with the safe-haven U.S. dollar holding on to most of last week's gains ahead of another European summit that could take the region a step closer to containing its debt crisis.
* Japan's Nikkei share average edged higher in early trade as exporters benefited from a softening in the yen on the back of improving funding for European banks.
* U.S. crude futures rose for a second straight session after the threat of a storm shut nearly a quarter of the country's offshore crude and gas output in the Gulf of Mexico.
DATA/EVENTS (GMT)
1230 U.S. Chicago Fed National Activity index May
1400 U.S. New home sales May
1430 U.S. Dallas Fed Texas Manufacturing index May
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