Wednesday spot gold depreciated a little one easing concerns over Greek debt crisis, however weakening dollar provided some support.

Gold came off a four-week high of $1,540.50 hit in the previous session, as European officials met to sketch out options for a second bailout package for Greece, boosting investor risk appetite.

"Gold has retraced a little primarily as a result of the easing in the Greece situation to certain extent," said Darren Heathcote, head of trading at Investec Australia. "It's given the market a little bit comfort that we might see a reasonable resolution."

Spot gold edge down 0.2 percent to $1,532.20 an ounce by 0604 GMT, after posting a 1.8-percent decline in May. U.S. gold GCcv1 lost 0.2 percent to $1,532.90.

"Technically, it looks like that gold might be going low, but I don't see any justification for it to break much below $1,520," said Heathcote of Investec. "I don't think we are close to having it (the Greek debt crisis) completely solved yet, and the market will remain skeptical and well supported."

Precious metals prices 0604 GMT

Metal Last Change Pct chg YTD pct chg Volume
Spot Gold 1532.20 -2.45 -0.16 7.94
Spot Silver 38.11 -0.33 -0.86 23.49
Spot Platinum 1821.74 -6.36 -0.35 3.07
Spot Palladium 772.78 -1.32 -0.17 -3.34
TOCOM Gold 4017.00 -12.00 -0.30 7.72 47616
TOCOM Platinum 4815.00 41.00 +0.86 2.53 14107
TOCOM Silver 99.50 -0.20 -0.20 22.84 1378
TOCOM Palladium 2029.00 36.00 +1.81 -3.24 329
COMEX GOLD JUN1 1532.90 -3.00 -0.20 7.84 238
COMEX SILVER JUL1 38.11 -0.20 -0.51 23.17 4216
euro/Dollar 1.4439
Dollar/Yen 81.28

TOCOM prices in yen per gram. Spot prices in $ per ounce.