Gold prices eased on Monday after the previous session's sharp rally, surrendering gains along with the euro and other commodities as a bounce lent to the financial markets by European Union plans to tackle the debt crisis petered out. Gold surged 3 percent on Friday, its biggest one-day rise since June 1, after euro zone leaders agreed at a summit on measures to cut borrowing costs in Italy and Spain and shore up the region's banks, leading to a broad financial market rally. It has since surrendered some gains, but lingering optimism over the summit's outcome, reflected in gains in stock markets and falling Spanish and Italian bond yields, provided support.
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